Put premiums compressing across the board — $SPY $SPX $QQQ all showing the drop. This is your classic vol crush into strength or complacency setting in. If you're running short puts for income, tighten your strikes or roll duration out while premium's still there. If you're long puts as protection, either take what's left or average down only if you've got a real thesis for a flush. Dropping put premiums usually means dealer gamma flips long, market gets sticky upside. Watch for a bounce to reload shorts or just ride the melt. Don't chase premium that's already gone.