On April 7, 2025, the SPDR S&P 500 ETF Trust (SPY) recorded a historic trading day, with total volume reaching $127.2 billion, surpassing its previous all-time record of $114 billion set on February 28, 2020. This surge in trading activity was noted as a 'total trade-a-thon,' with many exchange-traded funds (ETFs) expected to set new volume records. In contrast, the iShares 20+ Year Treasury Bond ETF (TLT) experienced a significant decline, down 3% on the day, marking its worst two-day performance since November 2020, with a cumulative drop of 4.8%. Additionally, TLT's trading volume hit a new record, exceeding its previous high by 25%, while leveraged ETFs faced substantial losses, with investors losing $25.7 billion last week, the largest loss in history for this sector. The heightened trading volumes for both SPY and TLT reflect ongoing volatility in the markets, with broader implications for investor sentiment and asset performance.