Close the long $VIX Calls for a loss

We had purchased long June $16 Calls on the $VIX just over one month ago anticipating volatility, and to act as a hedge.  This trade worked for  a very small period of time, and we were not able to reap returns during the duration in which we held the position.  Volatility has since decreased dramatically as the market has been rising for the past 7 trading sessions.  

There are two ways to play this situation:

1. We are going to sell this position and close it, selling the calls for $1.45 today, and taking a 46% loss since we purchased the calls at $2.70.

2. If you wanted to have exposure to increased volatility, you could roll this forward to September and buy a few more months of time.  In that case you would close this current position and purchase a Sept $15 or $16 strike Call.  We are not going to do that and we will just close the position and move on.

This was our 2nd attempt to hedge the market, and as previously noted, it is very difficult to do and we seem to kick ourselves every time we get into this position.  The $VIX has faked us out several times, and we've learned our lesson.