1) Israel launch on Iran briefly shocked risk markets. Most clambered back; only Oil resisting based on Iran's real disruption potential. BTC hedges from Funds and downside plays from Fast money dominated, targetting 100k strikes. The former funded via Call selling, latter naked.

2) Funds bought a Jun20 100-97ps v 115c collar, a Jun20 100-110 collar, and additional Jun20 100+102k and Jun27 97k Puts. The structures were near zero cost, the Puts short-dated so low premium too. This indicates a low-biased belief. Fast money focused on Jun16+Jun20 100k Puts

3) Put Skew naturally firmed on these purchases, but the offsetting sale of Calls is keeping a limit on Implied Vol.

4) Despite BTC Spot swings and active news flow, BTC Dvol is now lower than it was a week ago. This does not assist the MM that took down the large trade discussed last report, and it seems long-vol players are not actively looking to help him out. ETH-BTC Dvol expanded to 33%