There were no major macroeconomic data releases this week. The only significant macroeconomic event is the approaching one-month anniversary of the US-Israel attacks on Iran, raising questions about how the tensions will develop. US stocks have performed poorly this week, with major stocks and indices experiencing significant declines. Cryptocurrency was also affected and dragged down, effectively breaking below $70,000. Implied volatility for options across all major maturities is rising, while skew has declined across the board, indicating market concerns about a potential escalation of the crisis. Put options accounted for nearly 70% of trading volume, a high percentage typically seen only during periods of market panic and widespread concern among large investors about downside risk.