No, I think that the lack of premiums (either puts or calls) is due to excessive play by hedge funds. Note how overall options premiums are dying. However, the EPC spike to above .8, indicates "relative" increase in puts buying. I say "relative", since in prior extremes we had ramp of the EPC to the .9 to 1 level, but that was in the depth of the bear market. Right now we have no excursions below .5 (when we run to 2100 and almost 11,000 on the Dow), nor excursion to the .9 area when we breached 10600 on the Dow and brushed with 2000 on the Naz.
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