Semiconductor momentum-driven rally chain: Stock price rises → Momentum funds buy in → Increased demand for OTM Calls → Call IV rises → Dealers hedge by buying stocks → Stock price rises further → Leveraged ETFs are forced to increase positions → Retail investors FOMO → Leverage reaches extremes → A negative catalyst → Dealers/ETFs/margin accounts sell simultaneously → Deleveraging The rally process is somewhat different from the crypto space. Mainly driven by the flywheel effect of call options, While in crypto, it's primarily driven by contract-based flywheels. But the crash is very similar—after all, we've been through it too many times.