Why is the Put/Call ratio for SPY so high on April 26 2024? Are we expecting a major drop in the market?

Decided to filter the PCR for SPY and saw that PCR is incredibly high on 4/26/2024.

https://preview.redd.it/16xzy1vtzmoc1.png?width=1556&format=png&auto=webp&s=7fa5e827c3be3a0166d960a41973ed98b2292ed7

Zooming in to 4/26/2024 and filtering it by highest open interest, here's the strike that most people are betting the market to fall to.

https://www.barchart.com/etfs-funds/quotes/SPY/options?expiration=2024-04-26-w&moneyness=allRows&view=sbs

Help me understand this better – why would so many people buy puts at this strike level when current market is trading at 510?

Is there a huge expectation for the market to fall to that point?

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