Futu Holdings put volume heavy and directionally bearish

Bearish flow noted in Futu Holdings (FUTU) with 3,481 puts trading, or 3x expected. Most active are Feb-25 115 puts and Feb-25 113.05 puts, with total volume in those strikes near 2,500 contracts. The Put/Call Ratio is 1.81, while ATM IV is up nearly 4 points on the day. Earnings are expected on March 13th.