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Directional desks just had P/L reset and will be looking at the market with a fresh pair of eyes. Since Dec OPEX, traders have been rolling structures with plenty of action in the $100k Jan30's where 6,300 calls have blocked.
At current spot these are ~15d. Not yet representative of huge notional but worth watching given the clear preference. Vol had tendency to lead the tape in 2025 and expect it to remain important.