There are no major macroeconomic data releases this week. The only significant macroeconomic event at present is that it will soon be one month since the U.S. and Israel launched their attack on Iran, and it remains to be seen how tensions will unfold. U.S. stocks have underperformed over the past week, with major stocks and indices experiencing significant declines. Cryptocurrencies have also been dragged down, effectively breaking below the $70,000 mark. Implied volatility across major option maturities is rising, while Skew metrics are falling across the board, reflecting market concerns that the crisis may escalate. Put options account for nearly 70% of trading volume—a proportion typically seen only when the market is in a state of panic and large investors are widely concerned about downside risks.