This week, there’s no major macro data. The only significant macro event right now is that it’s been almost a month since the U.S. and Israel attacked Iran. How the tensions will develop remains to be seen. U.S. stocks performed poorly over the past week, with major stocks and indices showing significant declines. Crypto was also affected and dragged down, effectively breaking below $70,000. Implied volatility across major option maturities is rising, Skew is dropping across the board, and the market is worried about the crisis escalating. Bearish options accounted for nearly 70% of the trading volume. This kind of high proportion only happens when the market is relatively panicked and big players are generally concerned about downside risks.