
The market has entered a pullback, with put options accounting for one-third of total trading volume. Implied volatilities for major option tenors have slightly declined compared to the past two weeks; during this rally, IV did not rise significantly and has now dropped to around 35%. Based on options data, this appears consistent with a mid-cycle rebound in a bear market, as market participants have low expectations for volatility and tend to sell volatility even with minor price movements. https://t.co/wE9I5NVEgi
