According to @charliebilello, the VIX has averaged 19.1 in 2025, slightly below its historical norm, indicating that realized market stress was not extreme despite headlines, source: @charliebilello on X, Dec 22, 2025. Cboe indicates the long-run VIX average is around 20, framing 19.1 as a typical risk regime rather than crisis-level volatility, source: Cboe VIX education and historical data. Because VIX reflects S&P 500 option-implied volatility, a 19 handle generally aligns with moderate index option premiums and less costly hedging than in high-vol spikes, source: Cboe VIX methodology. BIS research documents increased post-2020 equity–crypto co-movement, making equity volatility regimes relevant for BTC and ETH risk management, so a non-extreme VIX backdrop helps calibrate crypto position sizing and hedges, source: Bank for International Settlements, 2022 analysis on crypto–equity correlations.

According to The Kobeissi Letter, a record 7.1 trillion dollars of options across stock indexes, ETFs, equity index futures, and single stocks are estimated to expire today, including 5.1 trillion dollars notional in S&P 500 options, highlighting an exceptional options expiration event that can move markets, source: The Kobeissi Letter. Cboe notes that large monthly and quarterly expirations often coincide with elevated intraday volatility and shifting liquidity due to dealer hedging and gamma positioning, which can impact SPX and related ETFs, source: Cboe. Traders should monitor SPX, SPY, and QQQ depth, spreads, and volatility measures around the open and close when expiration-related flows typically concentrate, source: Cboe. For crypto, Kaiko has documented periods of positive correlation between BTC and U.S. equities during high-volatility macro regimes, implying potential spillover risk into BTC and ETH on major equity options expirations, source: Kaiko. Crypto traders can track perpetual funding, open interest, and basis as positioning gauges to assess equity-to-crypto stress transmission during today’s flows, source: Binance Research.

According to @KobeissiLetter, average daily notional trading volume in S&P 500 options hit a record $3.5 trillion last week, indicating skyrocketing activity. Source: The Kobeissi Letter on X, Nov 25, 2025. According to @KobeissiLetter, the dollar value of all options traded each day has doubled over the last year. Source: The Kobeissi Letter on X, Nov 25, 2025. According to @KobeissiLetter, the daily dollar value of options has surged over 800% since 2020. Source: The Kobeissi Letter on X, Nov 25, 2025. Based on @KobeissiLetter’s data, traders can monitor S&P 500 options flows as a key risk input and align cross-asset exposure, including BTC and ETH, when equity options activity reaches record levels. Source: The Kobeissi Letter on X, Nov 25, 2025.

According to @Ultra_Calls, SPY’s move was already priced in, and buying put options at the opening bell would have been highly profitable today (source: @Ultra_Calls on X, Sep 5, 2025). No cryptocurrency assets or tickers were referenced in the post, so the claim focuses purely on SPY intraday option profitability (source: @Ultra_Calls on X, Sep 5, 2025).