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Nasdaq Rally Extends to 13 Days as Call Options Volume Nears Record High Levels

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR:

  • Nasdaq call options volume hits 3.9 million daily, nearing its highest level ever recorded
  • Bullish options activity has surged sharply, with volumes rising more than fourfold since 2021
  • The Nasdaq posts a 13-day winning streak, marking its longest run of gains since 2013
  • The index climbs 17.7% during the streak, ranking among top short-term returns in 20 years

US technology stocks continue a strong upward run, supported by rising options activity and sustained market momentum. Recent data shows increasing bullish positioning, while the Nasdaq records one of its longest positive streaks in over a decade.

Rising Options Activity Signals Strong Market Positioning

Recent market data points to a sharp increase in bullish bets on US technology stocks. Nasdaq call options volume has reached 3.9 million contracts per day. This marks the second-highest level ever recorded.

A tweet from The Kobeissi Letter reports that this figure trails only the November 2025 level. During that period, volumes approached 4.3 million contracts per day. The post also notes that current activity reflects a broader rise in market participation.

The volume growth has been steady over recent years. Since 2021, Nasdaq call options volume has more than quadrupled. This rise shows a clear shift toward active trading in the tech sector.

At the same time, the increase in call options signals stronger interest in upward price movement. Traders often use these contracts to position for gains. However, the data reflects positioning rather than future direction.

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Moreover, the rising volume aligns with broader trends in equity markets. It shows that participation has expanded as prices move higher. This pattern often appears during extended rallies.

Nasdaq Extends Winning Streak With Strong Returns

Alongside increased options activity, the Nasdaq has posted consistent gains. The index has now closed higher for 13 straight sessions. This marks the longest positive streak since 2013.

During this period, the Nasdaq has risen by 17.7%. This performance ranks among the strongest 13-day returns in the past two decades. The sustained climb has drawn attention across financial markets.

The rally reflects continued buying interest in technology stocks. It also aligns with the surge in call options activity reported earlier. Together, these trends show a period of strong market momentum.

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The Kobeissi Letter notes that such a streak is rare. Extended runs like this often stand out in historical data. However, they do not appear frequently in modern trading cycles.

As the Nasdaq continues its upward movement, traders remain focused on short-term price action. At the same time, the sharp rise in options activity signals market participation. This combination shapes current trading conditions.

The ongoing rally places US technology stocks in a notable position. Market data continues to track both price movement and trading behavior. These figures offer a clear snapshot of current market dynamics without projecting future direction.

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Crypto World

ETH Derivatives Sentiment Shifts as Buyers Take Control for the First Time Since 2022

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ETH Derivatives Sentiment Shifts as Buyers Take Control for the First Time Since 2022

TLDR:

  • ETH net taker volume turned positive at +$102M, snapping months of consistent sell-side dominance.
  • Sell pressure peaked at -$568M when Ethereum set its all-time high just below $5,000 this cycle.
  • Comparable buying pressure was last recorded in 2022 when ETH traded near the $1,000 price level.
  • Since March, buy-side volumes have steadily grown, pointing to a possible shift in market positioning.

ETH derivatives sentiment has undergone a notable change in recent weeks. After prolonged and consistent selling pressure throughout this market cycle, buy-side volumes are finally gaining ground.

Data from derivatives exchanges shows that net taker volume has turned positive, recording +$102 million in a single day.

This marks a clear departure from the heavy sell-side dominance seen at previous ETH price peaks. Analysts are now watching whether this shift holds and supports a broader recovery for Ethereum.

Heavy Sell Pressure Shaped ETH Derivatives Throughout This Cycle

For most of this cycle, Ethereum has faced unusual and persistent selling pressure in derivatives markets. Net taker volume, which tracks the difference between buy and sell market orders on derivatives exchanges, remained almost consistently negative. This pattern became particularly visible during key price events in late 2024.

When ETH attempted to break above $4,000 in December 2024, net taker volume fell sharply to -$511 million. The sell pressure became even more extreme when Ethereum later reached an all-time high just below $5,000. At that point, sell-side dominance hit a cycle high of -$568 million in net taker volume.

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Source: Cryptoquant

On-chain analyst Darkfost drew attention to this persistent trend in a recent post on Cryptoquant. The data showed that buyers repeatedly failed to absorb supply at key price levels throughout this cycle.

Sellers consistently overpowered buying activity, pushing net taker volume deep into negative territory during each rally.

That ongoing imbalance prevented Ethereum from sustaining breakouts, even during brief moments of upside price action.

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Buy-Side Volume Climbs to Levels Not Seen Since the 2022 Bear Market

Since March, the dynamic in ETH derivatives markets has changed considerably. This change followed months of negative readings that characterized Ethereum’s derivatives activity.

Buy-side volumes have taken control, with net taker volume recording +$102 million in a single day. The last time Ethereum recorded comparable buying pressure was back in the 2022 bear market.

At that time, ETH was trading near the $1,000 area when similar buy-side activity appeared in the market. Market observers note this comparison carries weight given the scale of the current buying activity.

The return of strong buying interest at current price points to a change in how derivatives traders are positioned.

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Darkfost noted in the post: “Since March, buy-side volumes have finally taken control, with +$102 million recorded today.”

The analyst added that buyers absorbing supply and chasing upside could signal the early stages of a recovery for Ethereum. The data stands in sharp contrast to the aggressive sell-side behavior that defined much of this cycle.

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Charles Schwab, Citadel Both Mull Prediction Market Play

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Charles Schwab, Citadel Both Mull Prediction Market Play

Traditional finance giants Charles Schwab and Citadel Securities are both considering entering prediction markets, with each separately weighing up how they wish to get involved in the fast-growing sector.

“I think at some point we likely will have prediction markets,” Rick Wurster, the CEO of the banking and investing titan Schwab, told investors during a call on Thursday.

He added that prediction markets weren’t “of tremendous interest” when he recently asked a group of Schwab clients about them, but it was an area the company would “take a hard look at, and it would be quite straightforward for us to offer.”

Charles Schwab CEO Rick Wurster speaking to CNBC after the company launched Bitcoin and Ether trading on Thursday. Source: CNBC

Prediction markets such as the popular Kalshi and Polymarket have exploded in use over the past few months, with both platforms seeing a record combined total monthly trading volume of $23.6 billion in March, according to Token Terminal.

However, Kalshi, Polymarket and other prediction market platforms have also caught the ire of some US state regulators, who have accused them in court of offering unlicensed sports betting.

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Some federal lawmakers have also vowed to crack down on prediction markets, claiming the platforms weren’t doing enough to stamp out insider trading.

Wurster said Schwab’s potential offering would steer away from allowing bets on areas such as sports, politics and pop culture as it looks to position itself as a partner for building long-term wealth.

“Prediction markets that are not aligned to that are not something that we want to pursue,” he said. “If you look at the stats on the success of gamblers, they’re not strong, and people generally lose money.”

Citadel “keeping an eye” on prediction markets

Meanwhile, Citadel Securities president Jim Esposito said at a Semafor conference in Washington, DC, on Thursday that the company is “absolutely keeping an eye on developments” in prediction markets. 

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Citadel Securities president Jim Esposito speaking at the Semafor World Economy conference on Thursday. Source: YouTube

“We’re not there yet, there’s not that much liquidity,” he added, but said that the market is likely to “ramp and scale,” and it was “certainly possible” that the market-making firm would potentially look to get involved.

Related: Democrats question CFTC chair on insider trading in prediction markets

Esposito said Citadel was “not looking at sports at the moment at all, I don’t see us entering that market,” but did signal an interest in some event contracts.

He added that Citadel could see its retail and institutional clients use some event contracts as a hedge for risks to their investments, such as contracts for elections, which have been known to move markets.

“That’s going to be some of the biggest risks to investors’ portfolios that they’re going to have to grapple with,” Esposito said. “Having a clean and distinct way to hedge certain risks, I think there’s a good use case and industrial logic to it.”

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Magazine: Should users be allowed to bet on war and death in prediction markets?