Here's the dealer positioning dynamic in plain English: retail rushes into puts when fear spikes, thinking the crash is imminent. Those puts decay as time passes and vol collapses, dealers who sold them collect premium, and the panic itself becomes the fuel for the next leg up. As long as fear keeps cycling through the system, there's always premium to harvest and liquidity to push price higher. This is the gamma/vol suppression loop that keeps $SPY grinding — panic is structural bid, not structural risk.