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 @godbole17, the VIX is showing signs of life as the Federal Reserve decision approaches, signaling a pickup in equity volatility into the FOMC window (source: @godbole17, X post dated Sep 16, 2025). The observation highlights event-risk conditions around the rate announcement that volatility-focused traders may monitor into the decision timing (source: @godbole17).

According to @StockMKTNewz, the S&P 500 has one more quarterly rebalance in 2025 with the announcement slated for Friday, December 5, setting a clear catalyst for potential index-addition trades (source: @StockMKTNewz). Traders typically monitor pre-announcement positioning and elevated closing-cross volumes around rebalances, as changes are implemented per S&P Dow Jones Indices’ published U.S. indices methodology and rebalancing procedures (source: S&P Dow Jones Indices U.S. Indices Methodology). Given periods of elevated equity-crypto correlation, desks should watch BTC and ETH for spillover volatility around the SPX event window and macro risk sentiment shifts (source: Coin Metrics research on equity-crypto correlation).