[November 26th US Stock Options Leaderboard]

The market has risen for four consecutive days, with the S&P 500 up about +0.8% and the Nasdaq up about +0.9%. The VIX has fallen to around 17, with sentiment shifting from last week's "panic raising volatility" back to a state of "broad gains before Thanksgiving + cheap hedges."
$Barrick Gold (B)$​ $AngloGold Ashanti(AU)$ Driven by the strength of precious metals, it surged about 4-5% in a single day, with a total Call transaction volume exceeding 200 million USD on the leaderboard, where AU was clearly dominated by buyers, a typical "gold + interest rate cut expectations" strategy for increasing positions. Strategy: Those who are bullish on gold but fear a pullback can use slightly out-of-the-money Calls or bull spreads for 3-6 months to replace heavy positions in the underlying stocks, benefiting from the trend while managing pullback risks.
$Circle(CRCL)$ stock price rebounded about +3.5%, but still retreated over 70% from the 52-week high. On the options side, the Put transaction volume was $241 million, with a Put:Call ratio of ∞:1, and large orders concentrated on the 250P for December 2025, mostly executed at the mid-price. This looks more like large capital making systematic tail insurance on high volatility crypto beta, rather than simply anticipating a crash. Strategy: Those holding CRCL / BTC positions can buy small positions in protective Puts for 6–12 months, or use a "sell slightly out-of-the-money Call + buy longer-dated Put" collar to reduce leverage.
$Strategy(MSTR)$ has rebounded slightly by about +2% amid internal accumulation and public controversy, but it has previously halved from its highs. The trading volume of Put options on the leaderboard reached 174 million dollars, with sellers clearly in the majority, resembling a situation where "some are catching the rebound while others are selling insurance amid fluctuations." Strategy: For those looking to speculate on a rebound, try to use small position bull Put spreads / Call spreads to cap the worst losses, and avoid going all-in with short-term options. #OptionsFlow