Capital One put volume heavy and directionally bearish

Bearish flow noted in Capital One with 11,395 puts trading, or 2x expected. Most active are 3/31 weekly 89 puts and Jun-23 90 puts, with total volume in those strikes near 2,400 contracts. The Put/Call Ratio is 2.40, while ATM IV is up nearly 6 points on the day. Earnings are expected on April 27th.