Investors are chasing the crypto rally: Call options volume in the largest Bitcoin ETF, IBIT, surged to 1.58 million contracts on Wednesday, its largest daily volume on record. IBIT saw call options volume exceed 1 million contracts in each of the last 3 trading sessions from Wednesday through Friday. As a result, call skew surged +0.05 points over the last 3 days, its biggest 3-day increase in at least 2 years. Call skew measures the relative cost of upside versus downside options, so this sharp increase means investors are increasingly willing to pay up for upside exposure. This is more than triple the average 3-day move since January 2025. Crypto bulls are back in full force.(The Kobeissi Letter)