According to @KobeissiLetter, 0DTE options have averaged about 65% of total S&P 500 options volume so far in Q3 2025, marking an all-time high and indicating record retail risk-taking in ultra-short-dated contracts, source: @KobeissiLetter, Aug 23, 2025. The share has more than doubled since the 2022 bear market and reached a single-day record of 69% on Thursday, underscoring unprecedented concentration of same-day optionality in index flows, source: @KobeissiLetter, Aug 23, 2025.