📍Individual investors are withdrawing from call option positions

Data from JP Morgan shows that the net retail call options bought has decreased to approximately ~2 million contracts per day — the lowest level since early 2024, down about ~85% from the October 2025 peak.
Market volatility has surged, making option pricing more expensive (Implied volatility high) and retail investors find it difficult to maintain buy call strategies.
At the same time, previous drawdowns caused retail investors to incur losses and shift their cash flow to defensive assets (cash, bonds, or hedging) instead of betting on price increases.
Clearly, the flow of funds has become fearful, exiting risk-on positions as Trump continues to make speeches every day.