According to The Kobeissi Letter, total call options volume has averaged over 40 million contracts per day over the last 20 trading days, marking the highest level on record, source: The Kobeissi Letter. The Kobeissi Letter reports that call options volume has doubled over the past three years, source: The Kobeissi Letter. The Kobeissi Letter adds the current run-rate is roughly 12 million contracts above the 2021 meme-stock frenzy peak, source: The Kobeissi Letter. The Kobeissi Letter notes call options accounted for 65% of total options volume on Wednesday, matching late-2024 highs, source: The Kobeissi Letter. By comparison, during the April sell-off, call share fell to about 47%, one of the lowest readings since the 2022 bear market, source: The Kobeissi Letter. The Kobeissi Letter characterizes overall sentiment as extremely bullish, which traders may monitor for potential risk-on spillover into crypto majors such as BTC and ETH, source: The Kobeissi Letter.

According to @KobeissiLetter, the 3-month average volume of US equity call options has reached approximately 34 million contracts, which is near an all-time high (source: @KobeissiLetter on X, Aug 21, 2025). According to @KobeissiLetter, call options volume has tripled over the last five years, highlighting a sharp acceleration in options market activity (source: @KobeissiLetter on X, Aug 21, 2025). According to @KobeissiLetter, the post also references a change in the 3-month average volume of equity put options, but the specific figures were not provided in the visible text and no crypto-asset implications were stated (source: @KobeissiLetter on X, Aug 21, 2025).

According to @KobeissiLetter, the 3-month average volume of US equity call options has reached approximately 34 million contracts, placing it near an all-time high (source: @KobeissiLetter, Twitter, Aug 21, 2025). @KobeissiLetter also reports that call options volume has tripled over the last five years (source: @KobeissiLetter, Twitter, Aug 21, 2025). The post highlights this surge as a sign of options market activity skyrocketing and contrasts it with equity put options 3-month average volume, though the provided excerpt does not include the exact put figure (source: @KobeissiLetter, Twitter, Aug 21, 2025). For crypto traders, this elevated call activity is a cross-asset risk-sentiment datapoint to monitor alongside BTC and ETH price action (source: @KobeissiLetter, Twitter, Aug 21, 2025).