Market Overview

As of last Friday's close, the Dow Jones Industrial Average(DJI.US) rose by 0.08%, ending at 42,206.82 points; the NASDAQ(IXIC.US) fell by 0.51%, closing at 19,447.41 points; and the S&P 500 index(SPX.US) decreased by 0.22%, finishing at 5,967.84 points.

Notably, the trading volume for $XSP put options reached 73,900 contracts, while call options totaled 65,200 contracts, resulting in a put/call volume ratio of approximately 1.13. This indicates a stronger bearish sentiment among investors regarding the index. Among these, the $XSP put option XSP 191225 P 550 saw a trading volume of 7,100 contracts, with a VOL/OI value of 39.74. The strike price for this contract is $550.00, and the option increased by 7.27%.

Top 10 Options Trading Volume:

Tesla Motors, Inc.(TSLA.US): Last Friday, it rose by 0.03%. The total options trading volume for the day reached 3.57 million contracts, an increase of 1.1472 million from the previous day, up 0.47 times from the previous day. The open interest was 9.72 million contracts.

On Sunday, Eastern Time, Tesla's highly anticipated autonomous taxi service, Robotaxi, made its debut in Austin, Texas. Tesla initially deployed about 10 Robotaxis, and the service was only available to a select group of invited social media influencers, with limited driving range. Compared to Elon Musk's ambitious plans for autonomous taxis, the first day's operation of Robotaxi was quite low-key.

NVIDIA Corporation(NVDA.US): Last Friday, it fell by 1.12%. The total options trading volume for the day was 3.37 million contracts, an increase of 1.3766 million from the previous day, up 0.69 times. The open interest was 23.23 million contracts.

Advanced Micro Devices, Inc.(AMD.US): Last Friday, it rose by 1.14%. The total options trading volume for the day was 1.31 million contracts, an increase of 656,900 from the previous day, up 1.0 times. The open interest was 4.23 million contracts.

Apple Inc.(AAPL.US): Last Friday, it rose by 2.25%. The total options trading volume for the day was 1.27 million contracts, an increase of 341,500 from the previous day, up 0.37 times. The open interest was 5.79 million contracts.

Apple executives have internally discussed the possibility of bidding for AI startup Perplexity AI to address the need for more AI talent and technology. According to insiders, Adrian Perica, head of mergers and acquisitions, has explored this idea with Eddy Cue, head of services, and top AI decision-makers. These discussions are still in the early stages and may not result in an acquisition proposal.

Palantir(PLTR.US): Last Friday, it fell by 1.9%. The total options trading volume for the day was 850,000 contracts, an increase of 422,900 from the previous day, up 0.99 times. The open interest was 3.66 million contracts.

Circle(CRCL.US): Last Friday, it rose by 20.39%. The total options trading volume for the day was 780,000 contracts, an increase of 283,400 from the previous day, up 0.57 times. Several call options expiring on June 27 with a strike price of $255 surged, with the highest increase exceeding 260%. The open interest was 310,000 contracts.

Circle, which debuted on the NYSE as the "first stablecoin stock" on June 5, has seen its stock price soar over 675% in just over ten days, skyrocketing from its IPO price of $31 per share to $240. A recent report by Citibank predicts that, driven by regulatory support and widespread institutional adoption, the stablecoin market could reach $3.7 trillion by 2030 in an optimistic scenario.

Coinbase(COIN.US): Last Friday, it rose by 4.43%. The total options trading volume for the day was 770,000 contracts, a decrease of 176,200 from the previous day, down 0.19 times. Call options accounted for over 70%. The open interest was 1.4 million contracts.

The American cryptocurrency exchange Coinbase has obtained a license from Luxembourg, allowing it to offer crypto services throughout the EU, with the country serving as its core European hub. Since 2023, the exchange's European headquarters has been located in Ireland.

PUT/CALL: Counts the percentage of open put and call option holdings for the listed stocks during the trading day.

Options Activity Tracking:

Circle(CRCL.US): Last Friday, it rose by 20.39%, with investors betting on a price pullback. Among the options:

• CRCL 200625 P 210: Put option with a strike price of $210.0, expiring on June 20, 2025, traded 21,200 contracts, dropping 99.9%.
• CRCL 200625 P 200: Put option with a strike price of $200.0, expiring on June 20, 2025, traded 36,100 contracts, dropping 99.92%.

EQT Corporation(EQT.US): Last Friday, it rose by 1.8%. The put option EQT 270625 P 57, with a strike price of $57.0, expiring on June 27, 2025, traded 22,700 contracts, dropping 52.38%.

AST SPACEMOBILE INC(ASTS.US): Overnight, it rose by 3.59%. The put option ASTS 180725 P 45, with a strike price of $45.0, expiring on July 18, 2025, traded 15,300 contracts, dropping 32.31%.

Tesla Motors, Inc.(TSLA.US): Last Friday, it rose by 0.03%. The put option TSLA 270625 P 60, with a strike price of $60.0, expiring on June 27, 2025, traded 45,500 contracts, with no change in price.

vol/oi: The ratio of options volume to the number of open positions in the contract, with higher vol/oi indicating that the market is creating an abnormal number of new positions.

Option IV Unusual Movements:

INmune Bio Inc.(INMB.US): Last Friday, it fell nearly 12%. The total options trading volume reached 26,500 contracts, with an implied volatility of 527.64%.

CoreWeave(CRWV.US): Last Friday, it rose nearly 8%. The total options trading volume was 586,000 contracts, with an implied volatility of 124.55%.

High IV stocks:

Source: Barchart, data as of Eastern Time, June 21, 2025.

Read More: A quick look at the pros and cons of index options!

Note: Implied volatility estimates the expected fluctuation of a stock's price and is derived from the cost of its options. High and low levels of implied volatility signify market sentiment and option supply and demand dynamics. Feeding into an option's premium, implied volatility, time value, and directional movement embody the core aspects influencing option pricing. Traders navigate their strategies within this three-dimensional framework.

Volume reflects the aggregate volume of options contracts executed in a single day.

IV Rank gauges the standing of the current implied volatility within the highest and lowest values observed over the past year, serving as a relative measure.

IV Percentile denotes the proportion of days during the past year when the implied volatility was lower than the present rate, providing a statistical norm.

IV Yearly High marks the apex of an option's implied volatility recorded within the preceding year, signaling its peak uncertainty or risk