Risk appetite just broke another record: Total US options volume reached a record 108 million contracts on Friday. This beats April’s Liberation Day high, when trading activity surpassed 100 million for the first time. This comes as total call options volume hit 61 million, an all-time high. At the same time, put options activity reached 47 million contracts, the 2nd-largest on record. To put this into perspective, the 2021 meme stock mania record was ~60 million. Friday was a historic day.(The Kobeissi Letter)