Breaking below 70K, the bears' imagination has been unleashed, with large put positions added at 68K, 65K, and 60K. Since last night, the total trading volume has increased by 50%, block put trading volume has continued to rise, short-term implied volatility has significantly increased, and the skew is fully negative, indicating that the bears are starting to gain momentum.


The held puts have become in-the-money, but short-term in-the-money options have relatively weak liquidity, and direct closing incurs larger slippage. It is possible to lock in Delta with futures first, then use
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