According to @KobeissiLetter, the 5-day moving average of U.S. retail call options volume has reached a record 9 million contracts, nearly double average put volume, indicating elevated risk appetite; source: The Kobeissi Letter (Sep 30, 2025). According to @KobeissiLetter, the latest surge is about 33% above the peak during the 2021 meme stock frenzy (~6 million contracts), highlighting a new high in retail options demand; source: The Kobeissi Letter (Sep 30, 2025). According to @KobeissiLetter, retail call options volume has tripled since the 2020 pandemic, and year-to-date call volume is up by roughly 3 million contracts (+50%), signaling accelerating participation and leverage usage; source: The Kobeissi Letter (Sep 30, 2025). According to @KobeissiLetter, crypto market participants can track this risk-on retail flow as a sentiment gauge when managing BTC and ETH exposure and volatility, given its reflection of broad speculative appetite; source: The Kobeissi Letter (Sep 30, 2025).