Is this the "smart money" putting hedge back on?

Note the two days previous.. .massive unloading of TVIX... the hedge against sharp downturns and VIX jumps.
Note what's happening now... quietly loading back up on TVIX. Are we getting ready for another pull back in general?
The market does seem to have entered the irrational exuberance phase that's for sure.
Chart PatternsTechnical IndicatorspullbackTrend AnalysisTVIXVIX CBOE Volatility Index

Disclaimer