The long-dated Treasury ETF $TLT has recently hit new 52-week highs and reached its highest price since July 2023, signaling a potential trend reversal as it breaks out of a consolidation pattern. This surge in $TLT, which has seen an increase of nearly 15% in price since its 2024 closing low on April 25th, is attributed to a 'flight to safety' amid economic uncertainty. The ETF's performance contrasts with the recent underperformance of stocks, as indicated by the SPY vs TLT ratio falling below its moving average. Market participants are actively trading $TLT, with significant options activity including the sale of 5000 January $103 calls at $2.92 and a notable amount of October ITM puts, suggesting continued strength in the near term.