In this week’s edition of Option Flows, Tony Stewart is commenting on the recent market movements.
Today is the first real Tradfi+Native co-ordinated volume day of 2026, and we’ve seen further accumulation of upside.
In addition to the Jan30th 100k Calls bought on the last two days of 2025 (Spot 88k), we’ve tracked $15m premium Jan+Feb Calls and Jan Call spreads (Spot 93k).
The @Amberdataio Flow Trade Heatmap shows strong topside activity.
Jan16th 94k Calls x1k
Jan30th 98k Calls x2k
Jan 96-105k Call spread x750
Feb27th 100k Calls x2k.
All initiated on the buy-side.
$15m premium spent.
All trade v 93k Spot.
Clear momentum positioning.
Naturally, with the robust buying, implied vols have firmed. Even further out the curve, where there was some convexity wing purchases of eg Dec26 50k-200k Strangles.
Offsetting Call overwriting was small and certainly did not offset the buying today.
See original post on X here.
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ex-MS Head of Trading desk /BTC Vol. Prop trading /Option Market forensics/ Alter Ego account Digital Asset arena. Tweets are my opinion, not financial advice.