The S&P 500 options market experienced unprecedented activity on May 7, with traders executing $2.6 trillion in notional call option volume, marking a single-day record. This surge in call options, which constituted about 60% of the day's trading, triggered a significant gamma squeeze. Dealers, including major firms like Goldman Sachs, were forced into a hedging spiral, amplifying the market rally they aimed to protect against.
Goldman Sachs described the market behavior as "semi-irrational chasing," drawing parallels to the speculative frenzy of the late 1990s tech boom. The event saw an estimated net short gamma exposure of $7.5 billion, indicating substantial forced buying pressure. This pattern of gamma squeezes has become a recurring feature in 2026, with similar occurrences noted in April.
The implications extend to crypto markets, as correlations between traditional equities and cryptocurrencies like Bitcoin have been increasing. The dynamics of the options market, which can make protective puts more costly, pose challenges for traders employing hedging strategies, especially during such volatile periods.
Record $2.6 Trillion Gamma Squeeze Hits S&P Options Market
免責事項: Phemexニュースで提供されるコンテンツは、あくまで情報提供を目的としたものであり、第三者の記事から取得した情報の正確性・完全性・信頼性について保証するものではありません。本コンテンツは金融または投資の助言を目的としたものではなく、投資に関する最終判断はご自身での調査と、信頼できる専門家への相談を踏まえて行ってください。
