Thursday just broke the all-time record for US put option volume on CBOE—11.23 million contracts traded. That topped the previous high of 10.22 million from April 4th.
The 20-day average is now sitting near 7 million contracts, almost double the ~4 million we saw back in 2022. Even wilder: 8 of the top 10 highest daily put volumes ever have happened in 2026.
This isn't normal market behavior. When put volume surges like this, it usually signals heavy hedging, fear, or positioning for downside. Whether it's institutions protecting portfolios or traders betting on volatility, the options market is flashing serious caution right now.
Keep an eye on how this plays out in the underlying equities. Record put activity doesn't always mean immediate crash, but it does mean big money is bracing for something.
The 20-day average is now sitting near 7 million contracts, almost double the ~4 million we saw back in 2022. Even wilder: 8 of the top 10 highest daily put volumes ever have happened in 2026.
This isn't normal market behavior. When put volume surges like this, it usually signals heavy hedging, fear, or positioning for downside. Whether it's institutions protecting portfolios or traders betting on volatility, the options market is flashing serious caution right now.
Keep an eye on how this plays out in the underlying equities. Record put activity doesn't always mean immediate crash, but it does mean big money is bracing for something.
