An equally (or more) interesting question, who is on the BUY side of all these puts? That is, who thinks that the market in December 2020 will be 25% lower than its current level (i.e., a pretty horrible bear for the next two years)?
Does this mean he’s betting ON the market(s&p)?
Could just be someone hedging their position as downside protection.
Typically the buyers of a put that far out are protecting a holding against a drop.
So someone holding S&P 500 mutual funds in their retirement accounts may decide to by a put around their retirement as insurance against a large drop.
Personally I’ve done poorly on options this past year. I bought some calls prior to the election anticipating a pubby win in both houses and lost what I put down when the market tanked.