Adam, a macro researcher at Greeks.live, posted on X platform that the rapid fluctuations in the market have led to the highest level of activity in the options market in nearly a year. There were more than 15,000 bulk transactions that day, with a nominal value of over $1 billion. The largest order was for 275 sets of Iron Eagle options, with a single nominal value of up to $73.34 million. The composition of the options observed is likely to be a repositioning of options market makers, and can be considered as short sellers acknowledging defeat and exiting the market. Recently, large-scale closing of options positions by major investors, whether for profit-taking or acknowledging losses, has suppressed the rise in IV.