🐻 SPY: Someone Just Dropped $20M on a Bear Put Spread -- Hedging for a Market Pullback Before Triple Witch!

$20.3M institutional options flow on SPY. A major institutional player just built a $20.3M bear put spread on SPY -- buying 17,500 March 20 $648 puts and simultaneously selling 17,500 March 20 $641 puts in a single execution at 9:32 AM. Th.... Full breakdown inside.