Square put volume heavy and directionally bearish

Bearish flow noted in Square with 42,194 puts trading, or 4x expected. Most active are Mar-23 65 puts and Jan-23 68 puts, with total volume in those strikes near 29,200 contracts. The Put/Call Ratio is 3.47, while ATM IV is up over 4 points on the day. Earnings are expected on February 23rd.