The equity put/call ratio has reached significant lows, indicating a potential shift in market sentiment. The total put/call ratio has dropped to 0.65, the lowest since July 2021, while the CBOE equity put/call ratio hit an extreme of 0.47, suggesting more than two calls were transacted for every put. This trend of low put/call ratios has been ongoing since July 8, with the equity put/call ratio reaching its lowest point since July 2023. Analysts note that such extremes in put/call ratios often precede short-term market pullbacks. Specific stocks like TeraWulf ($WULF) are experiencing high call activity, with a put/call ratio of 719/31k, indicating bullish sentiment and potential for a squeeze trade.