Circle plunges! Draft provisions of the CLARITY Act revealed
Index Options
On February 25 Eastern Time, trading volume in the U.S. index options market declined, with a total of 5.32 million contracts traded. The put/call ratio fell to 0.93.

As the upcoming expiration date approaches,$S&P 500 Index (.SPX.US)$ The distribution of options trading volume exhibits the following characteristics: the peak trading volume for put options is at 6,805 points, while the peak for call options is at 6,940 points.

Single Stock Options
$Circle (CRCL.US)$Closing up 35.47%, with 465,000 options contracts traded, the put-to-call volume ratio dropped to 0.58. Circle's Q4 revenue increased 77% year-over-year to $770 million, with a net profit of $133 million, and its shares surged 35% in after-hours trading.

Observing the call options expiring this Friday, multiple contracts have risen more than 60-fold.

Observing unusual large options orders, major traders showed significant optimism.

Options Volume Leaderboard
Among the top 10 stocks by options trading volume,$Advanced Micro Devices (AMD.US)$The highest put-to-call volume ratio reached 1.00.


Top 10 US stock options by trading volume

Top 10 US ETFs by options trading volume

Implied volatility leaderboard (underlying market cap > $10 billion and option volume > 100,000)
$ImmunityBio (IBRX.US)$The implied volatility was the highest, reaching 146.31%, a decrease of 13.98% from the previous trading day. ImmunityBio reported that ANKTIVA sales are driving a 671% increase in revenue to $113 million for 2025.

$TeraWulf (WULF.US)$The implied volatility increased the most, reaching 111.98%, a rise of 3.40% from the previous trading day. TeraWulf’s stock price rose 12% for two consecutive days and will release its Q4 2025 financial report on February 26.

Top 10 US stocks by options volatility (market cap > $10 billion and options trading volume > 100,000 contracts)

Top 10 US ETFs by implied volatility (market cap > $10 billion)

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Risk Warning
An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price at any time on or before a specific date. The price of an option is influenced by several factors including the current price of the underlying asset, the strike price, time to expiration, and implied volatility.
Implied volatility reflects the market’s expectation of the future volatility of an option over a certain period. It is data derived inversely from the BS option pricing model and is generally considered an indicator of market sentiment. When investors anticipate higher volatility, they may be willing to pay more for options to hedge risks, resulting in higher implied volatility.
Traders and investors use implied volatility to assess the attractiveness of option prices, identify potential mispricing, and manage risk exposure.
Disclaimer
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may prevent these orders from being executed. You might be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Option trading involves extremely high risks and is not suitable for all investors. Investors should read carefully before engaging in any options trading strategy.Characteristics and Risks of Standardized Options。
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may prevent these orders from being executed. You might be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Option trading involves extremely high risks and is not suitable for all investors. Investors should read carefully before engaging in any options trading strategy.Characteristics and Risks of Standardized Options。
Editor/Lee
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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