$SPY Sees Significant Options Activity with $2.5M Whale Trade, $79,000 Profit, and $1M Gain in Minutes

$SPY began the trading session on August 2, 2024, with notable activity as traders engaged in significant options trades. An early buyer purchased 10,000 contracts of August 2nd $535 calls at a price of $2.48, anticipating a bounce within the same day. This aggressive trading strategy appeared to pay off, as one trader reported a profit of $79,000 from their position. A prominent trader, referred to as a 'whale,' executed a $2.5 million trade in 0DTE (zero days to expiration) contracts, managing to buy at the day's low and sell at the day's high just minutes later. This trader reportedly made a profit of $1 million in a mere three minutes, achieving a 40% return on investment. However, shortly after exiting the position, $SPY experienced a decline, returning to the low of the day.