0DTE options now comprise 48% of retail options volume, tripling over five years as average contract expiration falls below three days.

According to @KobeissiLetter, total quarterly options volume exceeded 3.5 billion contracts for the first time in Q3 2025, and total options contracts traded have doubled over the last five years, source: @KobeissiLetter. Retail investor participation reached a record 55 percent last quarter, up roughly 10 percentage points since 2023 and above the five-year average near 49 percent, source: @KobeissiLetter. During last week’s market pullback, retail flows ranked among the largest buy-the-dip events on record, source: Citadel as cited by @KobeissiLetter. For crypto market participants, this surge in retail options activity is a timely cross-asset sentiment input to monitor, source: @KobeissiLetter.