Recent market data indicates subdued demand for hedging instruments linked to the S&P 500 index ($SPX) and its ETF counterpart ($SPY). The put/call ratio for $SPY is at one of its lowest levels in the past three years, reflecting minimal appetite for downside protection. Implied volatility (IV) metrics show a suppressed front-end volatility surface with short-dated IVs remaining low across strike prices, signaling reduced hedging activity. The $SPY is trading with a positive gamma setup and an IV rank of 11%, accompanied by a falling implied volatility of 5.3%. The put/call open interest ratio stands at 1.96, suggesting a hedged but complacent market operating in a negative volatility regime. Additionally, the one-month skew for $SPX leans mildly bullish, with risk reversal skew exhibiting a call bias at the 25.8th percentile. Overall, volatility pricing remains stable, with no strong demand for either downside hedges or aggressive upside positioning, although the current low volatility environment could lead to sharp repricing if triggered by macroeconomic catalysts.