You missed the point. There is no profit and no loss in a deep in the money put spread which stays deep or gets deeper. And I reject the premise that the mm took one side and hedge funds took the other, because the mm would without a doubt have hedged his book. That would have required about 10 million shares to trade opposite the opening of those contracts. That did not happen, so we can be almost absolutely certain that these were spreads, and that makes no sense at all.