Markets & Crypto
The Kobeissi Letter
Public Telegram feed monitored for macro-market headlines and commentary.
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Call option volume is skyrocketing:
Call options now reflect 70% of total options market volume, the highest in at least 4 years.
Since early April, this percentage has risen +25 points, the largest 2-month increase on record.
This also exceeds the previous brief surge of ~68% seen in late 2025.
To put this into perspective, the average over the last 2 years was ~55%.
Furthermore, the total notional value of S&P 500 call options relative to the S&P 500's market cap is up to a record 4.1x, doubling over the last 2 months.
Bullish appetite is rapidly surging.
(@TheKobeissiLetter)