[November 20th US Stock Options Ranking]

The market was led down by NVDA, with the S&P 500 closing down about 1.6% for the day, and the Nasdaq falling over 2%. AI and cryptocurrency-related stocks retraced their gains from previous days, and options funds clearly shifted to a defensive stance.
$Meta(META)$​ Put transaction 2.588 billion, leading in US stocks, multiple active purchases of 650/725/750 long-term Put options for November-December 2025, stock price has been slowly weakening around 590 USD in the past week; at the same time, the Australian minor social media ban, the EU privacy fines, and the 190 million USD shareholder privacy settlement are all weighing down, a typical "high position + compliance risk" combination.
→ Those who already hold META are more suited to refer to institutional practices, using slightly out-of-the-money protective Put or collar strategies to lock in some floating profits over a period of 6–12 months, rather than continuing to add leverage in a naked long position before the regulatory pressure is alleviated.
$Microsoft(MSFT)$ Today, Put transactions amounted to 861 million, almost all of which were Put, still primarily a net sell of 293 million; yesterday, there was a net sell of 192 million on the Call side. Since the peak at the end of October, the stock price has retraced about 10%, resembling large funds systematically selling volatility to bet on a wide range.
→ If you want to take advantage of the adjustment to receive goods, you might consider selling a slightly out-of-the-money Put for 3 months, and then pairing it with a lower-tier protective Put to create a wide Put Spread, using the premium to establish the position at a discount, instead of going all in on the spot at once.
$Coinbase Global(COIN)$​ For two consecutive days, it has occupied the top three positions on the Put transaction list. Today, the Put transaction reached 703 million, with a net purchase of 270 million. The stock price fell about 7% in a single day, dropping from around 280 dollars to over 230 in the past week, coupled with a significant pullback in Bitcoin and the overall crypto market, resulting in a combination of "systemic risk + individual stock leverage."
→ For long-term holders of coins/stocks, a more rational approach is to use a 20–30% out-of-the-money protective Put for 3–6 months to price the tail risk; for those looking to bet on a rebound, prioritize a small Call Spread instead of going all-in on spot to catch a falling knife. #OptionsFlow