The purchase of a large volume of put options suggests that traders are speculating or hedging against a potential decline in SNAP's stock price. Given the specific strike price and volume, this transaction reflects a notable bearish sentiment. The relevance is high as the transaction directly involves SNAP's options. The importance is significant due to the potential implications for SNAP's stock price direction. The confidence level is based on the clear bearish signal this transaction sends, although market conditions can change.