Tech option story - a very FX hedge fund play. Buy a yard of 2w OTM strike over an event and pay market. Vols spike, street knows. Strike acts like magnet. Gamma pain for banks pay up vols. Days pass, spot reverses and client says yours and street long vol higher and die again.

That is the time when I really understood reflexivity and the ability to create reflexivity pockets if you are big guy which will end up making you even bigger.

And since the story is out that it soft bank doing, not withstanding the judgements of their business philosophies- its unlikely that its speculation but more likely a conversion of a long position to limited upside bet, taking money off table to lock year end pay.

I will end this thread with the thought that reflexivity is not properly used by central banks except well known oil trade of Mexico. May be well hidden, but if were SNB or BOJ, I would repeatedly smoke skew. Similalrly RBI on USDINR.