A massive VIX tail hedge got opened

The massive tail risk / hedge got opened on the $65 and $45 strikes ahead of the NVDA earnings and very crowded positioning in tech. This does not mean a crash is imminent but it does provide cheap convexity exposure in case volatility explodes Hedging/bearish flow is also hitting the SOXL as more participants are preparing for increased vol especially given that NVDA tends to drop on earnings (4,5% median drop last 10 earning releases) Looking at this as buying opportunity, esp if we see a move to $200 where positioning has built up.