【December 11 US Stock Options Top Traders】

$Oracle(ORCL)$​ Put activity is almost "one-sided": Put options account for 99.86%, with a net active buy of $888 million, and large orders concentrated in 25/12 260P, 280P, 290P (mostly BUY), which seems more like post-earnings protection/shorting resonance. Fundamentals are somewhat weak + Capex upgrades, market worries about slower AI investment returns.
👉 Strategy: Do not bet on V reversal, prioritize Put debit spreads (buy ATM Puts, sell deeper out-of-the-money Puts to reduce costs); hold stocks with a Collar (sell OTM Call + buy Put) to lock in downside.

$Netflix(NFLX)$​ Put ratio is 98.87%, with a net active buy of $2349 ten thousand, more like event-driven hedging. With Netflix's potential acquisition of WBD assets, the biggest market disagreement lies in regulation and integration (these large deals are most afraid of "long delays + repeated re-pricing").
👉 Strategy: Prefer conservative bear Put spreads; if only looking at volatility decline, calendar spreads (sell near-term, buy longer-term) are more cost-effective.

$Coinbase Global(COIN)$​ Unusual trading shows almost all Puts: net active selling of $116 million, resembling "selling panic, collecting volatility." On that day, BTC fell below around $90,000, and crypto stocks retraced in sync.
👉 Strategy: Slightly bullish but risk-controlled, use bull market Put spreads for income; avoid naked Put selling, at least pair with longer OTM Puts for disaster protection.
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