Heading into this morning's payrolls data, a few traders noted the sudden plunge in liquidity (which is normal) but chaotic noise in equity futures trading and even more so in VIX.

As soon as the data hit, VIX suddenly flash-crashed from 16.75 to 13.31...

Which just happens to be the 100-day moving average...

Bloomberg notes that it appears an options trader dubbed the "Elephant" has returned to close out a portion of a March three-way trade.

As a reminder, there are a number of infamous 'traders' that keep popping up in the volatility complex as Macro Risk Advisers' Pravit Chintawongvanich has detailed in the past:

About 121.6k March $25 calls were bought for 25 cents, potentially closing a portion of a trade from Feb. 2 when ~526k were sold for 62 cents.

Separately, 60k May $60 calls appear to have been bought for 15 cents vs open interest of ~6.1k.

VIX options were the most active among all U.S. listed contracts on Friday.