DATA: Investors BRACED for deeper sell-off, as put trading hits an ALL-TIME HIGH on THURSDAY. A record 11.23 MILLION put contracts traded on Cboe, a major U.S. options exchange, on November 5. That’s nearly 10% ABOVE the previous record. As stocks fell, more than 112 MILLION options contracts traded across the U.S. market, per Bloomberg. Just OVER HALF were puts. The surge suggests investors were HEDGING against futher losses though volume alone can’t tell how much of the trading was for protection. Buying puts is like buying insurance for stocks investors already own. Though trading volume alone can’t show how much was bought for protection. 8 of Cboe’s 10 BUSIEST put trading days have come in 2026.