Risk appetite among institutional investors is skyrocketing: Institutional investors purchased ~22% more call than put options last week, the largest difference in at least 16 months, according to Citadel. Monday and Tuesday also saw significant institutional call option inflows, now on track for the largest weekly bullish reading since October 2024. As a result, institutional demand for call options is up to the highest level on record. Institutional call option purchases over 5 days ending Tuesday have exceeded the average since January 2025 by +37%. By comparison, during the April 2025 market recovery, the average was surpassed by +25%. Institutional investors are piling into equities.(The Kobeissi Letter)