Open interest put/call ratio at 0.84 suggests slightly more call positioning than puts (mildly constructive on positioning), but today’s option volume is extremely thin (puts 0; calls 20) so sentiment read-through is weak. Implied volatility is very elevated (30D IV ~65.9; IV percentile ~93.6), consistent with heightened uncertainty/fear after the NAV shock and headline risk. Elevated IV also implies the market is pricing larger-than-normal swings—this is not the kind of calm environment that typically favors a clean dip-buy without a confirmed technical reversal.
