As the saw a sharp increase this week, OptionMonster's Jon Najarian said Tuesday that he believed the trade was done for now.
Najarian noted an early Monday afternoon jump in the VIX price from $16 to $17 within 15 minutes, followed by another spike later in the day to $19.
"A lot of people were caught without the protection that they needed," he said. "Shame on them."
On CNBC's "Fast Money," Najarian said that price action might have signaled a peak in the VIX.
"But I think that fighting to a draw in Italy means that they're going to, basically, have the same gridlock we have," he added. "I don't think that means higher VIX. I think that means higher ."
Rosecliff Capital's Mike Murphy also said that it was time to head for the exits.
"You want to be out of the VIX here. I think you had the huge rally yesterday," he said. "If you were in it, great. Take the money and run. I think it's going to settle back into the low teens."
Trader disclosure: On Feb. 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long MJN; Joe Terranova is long AXP; Joe Terranova is long KORS; Joe Terranova is long GS; Joe Terranova is long SWN; Mike Murphy is long JCP; Steve Weiss is long C; Steve Weiss is long BAC; Steve Weiss is long AIG; Steve Weiss is long QCOM; Jon Najarian is long KORS; Jon Najarian is long KORS Calls; Jon Najarian is short VIX Calls; Jon Najarian is long PANL; Jon Najarian is short PANL Calls.