The third quarter of 2025 marked a historic record of over 3.5 billion contracts traded, a 10% increase quarter-on-quarter and a 26% increase year-on-year.

For the first time, individual investors accounted for 54% of the total volume, a new peak.

Since 2020, this share had been fluctuating around 49%, with a low of 45% in the first quarter of 2023.

In other words: the options market euphoria continues to be the true barometer of risk appetite in the US.