SPY $3.25M 5/25 535 Stike Butterfly (+75k 485, -150k 535, +75k 585) on 4/10

Did anyone else see the 150,000 option block trade this morning SPY? Butterflys are a very interesting spread, not only do you have to be right about the direction and timeframe, you must be right about the price. So pinpoint accuracy.

I have not had the time yet to really understand the 535 price level in SPY, but what an incredible tail risk hedge. 535 strike in a little over 30 days to see a 21% pull back in the broad market seems crazy to retail trader. For an insitution 100-to-1 insurance for 3.25M, is a sunk cost. I have not seen a butterfly of this size happen in awhile.

Any speculation to who this might be is or if this is a high risk directional bet are welcomed.