According to The Kobeissi Letter, options trading in loss-making Russell 2000 stocks has hit roughly 6 million contracts per day, an all-time high that underscores exceptionally strong risk appetite, source: The Kobeissi Letter on X, Nov 30, 2025. Volumes have more than doubled since April and have surpassed the previous peak seen during the 2021 meme-stock mania, source: The Kobeissi Letter on X, Nov 30, 2025. By comparison, options activity in profitable stocks is only 33% as large, highlighting a tilt toward speculative exposure, source: The Kobeissi Letter on X, Nov 30, 2025. Market activity is increasingly concentrated, with the top 20% of small-cap stocks by options volume now representing 75% of small-cap options trading, source: The Kobeissi Letter on X, Nov 30, 2025. Most of this surge is attributed to retail investors chasing meme names, 0DTE options, and unprofitable firms, source: The Kobeissi Letter on X, Nov 30, 2025. For crypto traders, IMF analysis shows crypto prices have moved more in sync with equities during risk-on phases, implying that this retail-driven options speculation could coincide with higher BTC and ETH volatility, source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, Jan 11, 2022.