According to the analysis of leading analysts
The large increase in the spread between near-term VIX futures (January) and the third-month futures "March" typically occurs during periods of extreme anxiety and uncertainty in the market, where traders are pricing in a significant likelihood of increased volatility in the near future.
However, after this increase, the spread between the contracts began to gradually decline to nearly equal levels, indicating that fears may have started to dissipate and that the market may have begun to stabilize.
Based on the available data, this suggests that these periods often serve as a bottoming phase in the markets, where the market reaches its lowest levels and will begin to improve gradually.