The put-to-call ratio for the Nasdaq 100 index has surged to 1.2, marking its highest level since the 2022 bear market low, according to The Kobeissi Letter. This increase suggests heightened hedging activity among investors in tech stocks. The current ratio surpasses the peak observed in April 2025 and is the highest in over a decade, excluding the 2022 peak of 2.3. In parallel, the S&P 500's total put-to-call ratio has climbed to 0.9, the highest since April 2025, aligning with market pullbacks of 3–5% since early 2024. Additionally, put option trading volume in USD terms is the second-highest relative to call option volume in the past two years, only exceeded by levels prior to April 2025.