📈 Call options now make up 70% of total options volume — a 4-year high, up 25 points since early April. S&P 500 call notional relative to index market cap hit a record 4.1x, doubling in two months. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: Extreme call-buying in equities is a strong risk-on signal that typically spills into crypto. Institutional confidence in continued momentum supports the liquidity environment for BTC and alt beta. But record positioning cuts both ways — when everyone is long, the market becomes vulnerable to a sharp reversal if catalysts disappoint. A sudden unwind would likely hit crypto first. Watch whether this equity call surge sustains or rolls over. It's the macro backdrop that sets the tone for the next leg. --source: https://x.com/KobeissiLetter/status/2061476312611496220 Track real-time signals & trade → https://hupzy.com/trending(Hupzy (Spot On Chain))