The 50 Cent CBOE Volatility Index (“VIX”) trader has returned with a big bet.

This trader – whoever they are – is known for buying call options on the VIX for around $0.50 per contract. (Remember, when someone buys a call option, they profit if the underlying asset rises in value.) They bet that volatility will rise, which often coincides with stocks falling.

And earlier this week, we got clues that 50 Cent may be back…

The first sign was the purchase of 100,000 call contracts on the VIX for $0.50 each. Then, a day later, another 50,000 contracts went through at $0.51. That was the confirmation we needed that this trader is active again.

And want to know the total value of these trades? About $7.6 million. That’s huge!

But we can learn even more by considering the specifics of this trade…

The options purchased have a $50 strike price and expire in May. Right now, the VIX is hovering around 19. That means the 50 Cent trader expects volatility to more than double by May. This trade could be very profitable even if volatility were to quickly jump to 25 or 30.