1) A continuation derisking/downside play of near-dated Put structure buying and Call selling ahead of the weekend and US bombing of nuclear facilities in Iran. Put Skew, as a consequence, has remained firm from flows, elevated at the front end. Dvol unchanged dismissing events.

2) Significant buying of Jun+early July 97-102k Puts + Put structures shown by the mass of blue. Red lines 85-95k were some Puts sold as part of these Put structures eg Put spreads+ladders. Red lines above were Jun+Jul Calls sold directionally and to fund Put buying via Collars.

3) So despite the large accumulation of Puts, Vol was tamed by upside Call selling and the type of structures created. These low-cost structures suggest the protection of long AUM. Dvol didn't budge, fixed ~40%. Only weekend discounted <10day IV reacted, retracing wknd Theta.