Etsy put volume heavy and directionally bearish

Bearish flow noted in Etsy (ETSY) with 2,967 puts trading, or 1.1x expected. Most active are Jun-26 65 puts and Jun-26 60 calls, with total volume in those strikes near 2,300 contracts. The Put/Call Ratio is 1.56, while ATM IV is up over 1 point on the day. Earnings are expected on July 29th.