Market Overview
Wall Street closed lower on Wednesday (Oct 7), as long-dated US Treasury yields resumed their climb, reviving fears about inflation and mounting debt the day after the S&P 500 and the Nasdaq hit record closing highs.
Regarding the options market, a total volume of 56,906,021 contracts was traded, of which 56% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, MU, AAPL, AMZN, SPCX, INTC, MSTR, SKHY, GME
Source: Tiger Trade APP
SpaceX closed at $167.60, down 2.51%.
Large options activity in SpaceX featured a $8.57 million in-the-money call purchase and a $3.90 million net-credit synthetic put. The single-leg call buy expresses a high-conviction upside stance, while the synthetic short reflects a bearish overlay. With implied volatility at the 70th percentile, premiums remain elevated, making directional exposure expensive relative to SpaceX’s own volatility history.
A bearish synthetic put position with a $3.90 million net credit stood out as one of the largest displayed trades. This 2028-06-16 combination was built by selling 5,000 contracts of the 265.0 call and buying 5,000 contracts of the 120.0 put, both out of the money versus the $167.60 reference stock price. As a synthetic short setup, it expresses a clearly negative directional view while also bringing in upfront premium, suggesting the trader is positioning for downside or at least for the stock to remain well below the short-call strike over the longer term.
Source: Tiger Trade APP
A bullish single-leg call purchase worth $8.57 million was the other key displayed block. The trade involved buying 2,000 contracts of the 130.0 call expiring on 2027-01-15, which is in the money relative to the current stock price of $167.60. An in-the-money long call of this size typically signals a high-conviction upside stance with substantial delta exposure, functioning much like leveraged stock replacement while limiting risk to the premium paid.
Source: Tiger Trade APP
Overall, the large-trade flow leans moderately bullish. Even though the displayed synthetic short shows that some institutional money is still actively positioning for downside, the broader block activity favors upside exposure through long calls, synthetic longs, and other call-heavy structures, indicating investors are not uniformly defensive. The takeaway is that sentiment remains constructive but mixed, with bullish positioning holding the edge while longer-dated hedging or bearish overlays continue to temper enthusiasm.
Unusual Options Activity
NEBIUS closed at 237.15 USD, down 5.09%.
A notable 3.92 million USD put purchase dominated the session’s large-options activity, with 8,350 contracts of the January 21, 2028 60.00 USD strike traded. The position is exceptionally deep out-of-the-money relative to the spot price, reflecting a long-dated and aggressively bearish institutional posture rather than a routine hedge.
A PUT buy worth 3.92 million USD stood out as the day’s key large trade, with 8,350 contracts of the January 21, 2028 60.00 USD put purchased. With the reference stock price at 237.15 USD, this strike sits deeply out of the money, making it a highly downside-focused position rather than a near-the-money hedge. The buyer is committing meaningful premium to a long-dated bearish options bet, signaling either an expectation of a major decline over time or a tail-risk hedge against a severe drawdown.
Source: Tiger Trade APP
Overall, the large-trade flow points clearly bearish. The block activity was entirely concentrated in put buying, with no offsetting bullish large orders, which suggests institutional positioning is skewed toward downside protection or outright negative directional conviction. Given the long-dated tenor and the far out-of-the-money strike, the sentiment appears less about short-term trading noise and more about concern over substantial longer-term downside risk in NBIS.