On June 2, 2025, significant trading activity was observed in the S&P 500 ETF Trust ($SPY), particularly involving call options. A notable $2.5 million trade was executed on $SPY June 20, 2025, $596 strike price call options. Approximately 14,000 contracts of the June $596 calls were purchased at prices ranging from $4.04 to $4.34 amid a morning dip in the S&P 500. This surge in call option buying coincided with a five-point rebound in $SPY later in the day. Market commentary highlighted volatility in the S&P 500 Index ($SPX) over the past three trading days, underscoring the dynamic trading environment. Traders and analysts noted the aggressive positioning in $SPY calls as a key feature of the day's market activity.