Market Overview

On August 21, The U.S. major indexes closed as follows: Dow Jones up 0.98% at 53,277.01; S&P 500 up 0.43% at 7,674.37; NASDAQ up 0.43% at 26,180.46. A broad rebound in heavyweight technology and crypto-linked names helped the benchmarks recover from earlier softness, even as Treasury yields hovered near multi-year highs.

According to MarketChameleon, the total trading volume of U.S. stock options on that day was 69,280,631, while the average daily option volume was 63,990,833. Puts accounted for 39% of the volume and calls for 61%. Additionally, 1,767 stocks have option volume that is greater than their 30 day moving average volume.

Top 10 Option Volumes

Top 10: Tesla Motors, NVIDIA, Apple, SpaceX, Strategy(MSTR)$, Palantir Technologies Inc., Micron Technology, Amazon.com, Robinhood, Moderna, Inc..

Options Activity on Tesla Signals Bearish Sentiment Among Institutional Investors

Tesla Motors closed at $362.86, up 5.14%. The session’s standout activity featured a $3.24 million long put and a $3.03 million double call sale, both pointing to a defensive, premium-collection posture rather than bullish conviction. These large trades collectively signal a deeply bearish institutional tone, with bearish flow dwarfing bullish flow by $6.24 million.

Large Trades

A PUT buy worth $3.24 million was the largest displayed trade, with 1,200 contracts bought on the March 19, 2027 $320.0 put. With TSLA referenced at $362.86, this strike was out-of-the-money at the time of the trade, making it a clear bearish position that looks geared toward downside protection or a longer-dated directional bet on weakness. The use of long-dated puts at a sizeable premium outlay suggests the trader was willing to pay meaningful premium for convex downside exposure rather than simply fade near-term volatility.

A same-direction double CALL sale collected a net credit of $3.03 million, making it the second major displayed trade and a neutral-to-bearish premium-collection structure. The position involved selling the September 25, 2026 $400.0 call and the September 25, 2026 $405.0 call, both out-of-the-money against the $362.86 reference price, and the trade should be read as a call-overwriting style volatility and upside-capping expression rather than an outright bullish stance. Because this combination brought in a net credit of $3.03 million, the strategic intent appears to be premium collection while betting TSLA remains below those upper strikes or at least does not rally aggressively enough to threaten the short-call exposure.

Overall, the bulk-order flow leaned clearly bearish, with total bullish large-trade amount at $2.21 million versus $8.45 million bearish, for a bearish net difference of $6.24 million. The tone of the flow was shaped by a dominant long-put purchase and reinforced by sizeable call-premium selling, indicating that larger traders were either positioning for downside, hedging equity exposure, or expressing skepticism about TSLA’s upside over the medium to long term. In short, the figures point to a distinctly bearish institutional sentiment rather than a balanced or bullish setup.

Coinbase Rallies, and Options‑Trading Activity Reveals Cautious Sentiment Among Investors

Last Friday, Coinbase Global, Inc. closed at $186.49, up 8.20%. Large options activity showed a mix of long-term bullish positioning and nearer-term caution. The most notable trade was a $2.00 million net debit call spread targeting upside into 2026, while a $1.77 million net debit put spread reflected bearish protection. Overall bulk flow leaned bearish, with a net bearish gap of $0.85 million between bullish and bearish premium.

Large Trades

A bullish call spread with a $2.00 million net debit stood out as the largest displayed trade, built by buying the October 16, 2026 $230.00 calls and selling the October 16, 2026 $310.00 calls. With COIN referenced at $186.49, both strikes are out of the money, making this a defined-risk bullish structure that profits from upside over the long term while capping gains above $310.00. The net debit shows the trader paid premium upfront, pointing to a directional bullish bet rather than premium collection, likely expressing confidence that COIN can rally materially over time without taking on the full cost of outright call purchases.

A bearish put spread with a $1.77 million net debit was the other featured block, created by buying the August 28, 2026 $195.00 puts and selling the August 28, 2026 $170.00 puts. Against the $186.49 reference price, the long $195.00 put is in the money while the short $170.00 put is out of the money, forming a defined-risk bearish position aimed at benefiting from downside into expiration.

Overall, bulk-order sentiment leans bearish, with $3.39 million in bullish flow versus $4.25 million in bearish flow, for a net bearish gap of $0.85 million. While the largest single trade was a long-dated upside call spread, the full large-trade set shows heavier downside positioning, suggesting the market is balancing some longer-term upside interest against a more dominant near- to medium-term cautious or defensive stance on COIN.

Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.