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StocksUpdated×12•Originally published 8 May 2026•Updated 10 May 2026•

1 min read

S&P 500 Call Options Volume Hits Record $2.6 Trillion Amid Bullish Surge

Key Facts

1S&P 500 call options volume reached a record high of $2.6 trillion.

Trading volume for S&P 500 call options has reached a record $2.6 trillion, as Bitcoin successfully maintained its price above the $80,000 threshold. This surge is supported by robust US corporate earnings and easing geopolitical tensions, which have collectively fueled investor confidence despite high market leverage. Recent on-chain data indicates that Bitcoin has now entered a neutral reset phase following a significant deleveraging event in the first quarter of 2026. Analysts remain focused on the $84,000 CME gap, supported by six consecutive weeks of net inflows into Bitcoin ETFs. While a $2 billion short-gamma pocket could amplify near-term volatility, the market is currently stabilizing as it moves past the recent deleveraging cycle.

Sources:

25 days ago

Version History

1 additional source confirmed this story

Version 1225 days ago

What changed: Added technical context regarding a neutral on-chain reset and the conclusion of Q1 2026 deleveraging.

Version 1125 days ago

What changed: Update confirms Bitcoin holding above $80,000, driven by strong US corporate earnings and reduced geopolitical risk in Iran.

Version 1025 days ago

What changed: The story was updated to reflect that Bitcoin open interest has now eclipsed the record levels seen during the 2025 peak, indicating a significant surge in market leverage.

Version 925 days ago

What changed: Updated Bitcoin price action to reflect the $82,855 local high and incorporated the record increase in open interest for 2026.

Version 825 days ago

What changed: Added information regarding the STRC momentum revival and its positive impact on Bitcoin demand expectations.

Version 725 days ago

What changed: Added data regarding six consecutive weeks of Bitcoin ETF net inflows and its historical context.

Version 626 days ago

What changed: Updated Bitcoin technical analysis to include the weekly Fair Value Gap (FVG) test and the potential target of the $84,000 CME gap.

Version 526 days ago

What changed: Added analyst predictions for Bitcoin reaching $320,000 based on market cycle analysis.

Version 426 days ago

What changed: Updated the story to include the rebound in Bitcoin's short-dated implied volatility and the identification of a $2 billion short-gamma cluster at the $82,000 level.

Version 326 days ago

What changed: Updated the story to include Glassnode data regarding Bitcoin's consolidation range between $82,000 and $83,000, and the impact of short gamma clusters on price action.

Version 226 days ago

What changed: The story was updated to include the record-breaking surge in Bitcoin open interest in 2026, reflecting broader risk-on momentum extending into the crypto market.

Version 126 days ago

What changed: Added details regarding the US Treasury's $4 billion debt buyback operations and their implications for market liquidity.