A trader placed a $3.4m bearish bet on Regional banks today at 8:53am and 9:59am PST. The trade is the bearish put spread via almost 45,000 15 March $53 and $48 puts.
Trader expects the price of KRE to drop below $48 by mid March.
For this trade to be profitable, the price should finish below $48 by 15 of March. If this happens, the trade will generate 550% to its owner and will turn $3.4m into $19m.