1) The derisking in the last report was not bearish but risk mitigation against ME escalation. But upon bound pacification Funds were left short Jun+Jul 108-115k Calls. As Spot rallied 100k Puts dumped and Calls shortcovered. Jun shorts expired with no fanfare. MM now +inventory.

2) We observe the (red) dumping of no longer required 100k and below Puts in July and buyback (blue) of 108-115k+ Calls. With a calmer environment and upcoming July 4th US long weekend, more inventory was sold onto dealers.

3) With June short dealer Gamma rolling off, and a continued onslaught of inventory Gamma from Funds selling Calls+Puts, MMs are now core long Gamma currently from the observed data. This could ofc be offset by bilateral buy deals generated from several encouraging sales desks.