[November 19th US Stock Options Leaderboard]

The market continues to rebound slightly, with the S&P 500 up 0.38%, the Nasdaq up 0.59%, and the VIX falling to around 23, appearing calm on the surface, but options funds are clearly adding insurance on high Beta targets.
$Coinbase Global(COIN)$ Today's Put trading volume is approximately 953 million USD, accounting for nearly 100%. Multiple contracts for the November 2025 520/500/430 long-term Put have nominal values of 150–250 million USD per contract, and most have been executed at mid-prices, resembling a large fund insuring against long-term tail risks following a drop from 340 USD to around 260 USD, a roughly 25% retracement. Strategy: For those holding COIN stocks / positions, you may refer to institutional practices, using protective Puts slightly out of the money with a duration of 6–12 months to lock in a floor, or using a collar by selling slightly out of the money Calls + buying further out Puts to reduce net costs.
$Microsoft(MSFT)$ Call transaction amounted to 239 million dollars, with Calls accounting for 96%, but a net sell of about 192 million dollars, resulting in a buy-sell ratio of only 0.1:1; coupled with the recent decline in stock price from 507 to around 487, a drop of about 4%, and market concerns over AI investment costs and internal friction, it leans more towards profit-locking at high positions + covered writing of Calls. Strategy: MSFT is more suitable for short-term Covered Call / light Put Spread to engage in "limited drop" range trading, rather than continuing to heavily invest in long Calls.
$NVIDIA(NVDA)$ After the earnings report greatly exceeded expectations, with data center revenue and Q4 guidance continuing to be strong, the stock price rose about 2.8% and further surged in after-hours trading. On the leaderboard, Calls are still net bought, indicating that the sentiment for the core AI leader remains bullish. Strategy: For those who are bullish but wary of volatility, using bull call spreads instead of chasing one leg higher will better align with the current funding state of "remaining optimistic but starting to calculate."
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