Investors are piling into options at a record pace: Total call options volume has averaged over 40 million contracts a day over the last 20 days, the most on record. Call options volume has DOUBLED over the last 3 years. This is also ~12 million contracts above the 2021 meme stock frenzy peak. Furthermore, call options as a share of total options volume hit 65% on Wednesday, matching the highs seen in late 2024. By comparison, during the April sell-off, this metric sat at ~47%, one of the lowest readings since the 2022 bear market. Bullish sentiment is through the roof.(The Kobeissi Letter)