This week lacks significant macro data. The only important macro event currently is the ongoing tensions stemming from the U.S.-Israel strikes on Iran, which occurred nearly a month ago—the trajectory of this escalation remains uncertain.

U.S. stocks have performed poorly over the past week, with major stocks and indices showing clear declines. Crypto has been affected and dragged down accordingly, effectively breaking through the 70,000 USD level. Implied volatility across all major option expiries is rising, Skew is declining across the board, and the market is concerned about crisis escalation.

Put options account for nearly 70% of trading volume. Such a high proportion of put option trading typically occurs only when the market is in panic mode and major players are broadly concerned about downside risks.