Market Overview
On Sep 16, The U.S. major indexes closed as follows: Dow Jones declined 1.21% at 51,461.90; S&P 500 declined 0.45% at 7,551.81; NASDAQ declined 0.01% at 25,978.42.
According to MarketChameleon, the total trading volume of U.S. stock options on that day was 60,070,720, while the average daily option volume was 63,194,154. Puts accounted for 45% of the volume and calls for 55%.
Top 10 Option Volumes
Top 10: NVIDIA, Tesla Motors, AAPL, Cboe Volatility Index, SpaceX, Intel, Micron Technology, Meta Platforms, Inc., Amazon.com, Advanced Micro Devices.
Options Block Trades Show Institutions Are Bracing for a "Weak" SpaceX
SpaceX closed at 150.88 USD, up 5.15 %. Large options trades in SPCX showed a decisively bearish institutional tilt, headlined by a massive $28.28 million short call position at the 185 strike expiring in March 2027. While a modest $851 thousand synthetic long was also built through selling a 144 put and buying a 167.5 call, its size was insufficient to offset the overwhelmingly bearish signal from heavy call selling. Aggregate flow suggests institutions are positioning for limited upside or outright weakness.
>>>Start OPTIONS trading & earn up to SGD 200 in rewards!
Large Trades
A call sale worth $28.28 million was the standout large trade of the session, with 22,700 contracts sold at the 185.0 strike expiring on 2027-03-19. With SPCX referenced at 150.88, this call sits out of the money, so the seller is effectively expressing a bearish-to-capped outlook, betting the stock will remain below that strike or at least not rally enough to make the short call materially painful before expiration. Strategically, this kind of sizable OTM call writing usually points to premium collection or a view that upside is limited over the longer-dated horizon, and it stands out as a notably bearish institutional signal given both its scale and its distance from spot.
A synthetic call worth $851 thousand also appeared in the flow, built through selling the 144.0 put and buying the 167.5 call, both expiring on 2026-09-18, for a net credit of $851 thousand. Both legs are out of the money versus the 150.88 reference price: the short put sits below spot while the long call sits above spot, creating a bullish synthetic long structure that benefits from upside participation while taking on downside assignment risk through the short put.
Overall, however, the bulk-order picture remains clearly bearish: despite the presence of selective bullish positioning, the dominant large-trade activity was led by heavy call selling and the aggregate directional flow leans decisively to the downside, indicating institutional sentiment is still cautious and skewed toward limited upside or outright weakness in SPCX.
Options Trading Shows Institutions Have Strong Bullish Sentiment on Circle
Circle Internet Corp. closed at $80.45, down 6.78%. Wednesday’s options tape was dominated by two institutional-sized prints—a $2.70 million short put and a $2.68 million out-of-the-money call buy. Both trades leaned bullish, with the biggest flows structured for upside participation or downside premium collection rather than crash protection, signaling strong conviction among large traders despite the stock’s sharp daily decline.
>>>Start OPTIONS trading & earn up to SGD 200 in rewards!
Large Trades
A $2.70 million short put stood out as one of the largest trades, with 2,700 contracts sold on the March 19, 2027 $70.00 put. With CRCL referenced at $80.45, this strike sits out of the money, making the position a moderately bullish income-style trade that expresses confidence the stock can stay above $70.00 into expiration. By selling downside premium at a lower strike, the trader appears willing to collect option premium while taking on the obligation to buy shares if CRCL declines below that level, which is typically consistent with constructive sentiment rather than an outright bearish view.
A $2.68 million call purchase was the other dominant block, consisting of 5,000 contracts bought on the October 16, 2026 $85.00 call. With the stock at $80.45, the call was also out of the money, so this trade represents a clear directional upside bet that looks for CRCL to rise above the strike over time. Unlike premium-collection positioning, this buyer paid upfront for convex upside exposure, suggesting the trader is targeting a meaningful advance rather than simply defending an existing position.
Overall, the bulk order profile suggests institutional traders are positioning for higher prices or at least sustained resilience in CRCL, with sentiment skewed strongly toward upside participation rather than downside protection.
Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.
Comments