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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
05/09/2026

Record $2.6 Trillion S&P 500 Call Options Volume Signals Risk

What happened: Bullish S&P 500 call options reached a record $2.

Record $2.6 Trillion S&P 500 Call Options Volume Signals Risk

What happened: Bullish S&P 500 call options reached a record $2.6 trillion in notional volume, with nearly 60% of index options being calls. Goldman Sachs traders warned the market entered a "semi-irrational chasing" phase, driven by speculative positioning and mechanical hedging flows from dealers covering short call positions.

Why it matters: The extreme call volume creates a gamma squeeze dynamic that mechanically fuels upside but breeds tail risk. Given Bitcoin's positive correlation with the S&P 500, this speculative spillover appears bullish short-term but could amplify downside volatility if sentiment reverses sharply.

Source: CoinDesk