There is a speculative boom in the options market
Options trading volumes are massive
Via Martin Pelletier:
The overall nominal value of calls traded on individual US stocks has averaged $335bn a day over the past two weeks, according to Goldman Sachs. That is more than triple the rolling average in 2017 to 2019.
You don't have to venture too far into the message boards on the internet to see how much talk there is about options.
What was particularly puzzling about the final few days of the blow-off top was how the VIX was rising even as equities were surging.