Recent data reveals a notable shift in the options market, particularly concerning mega-cap stocks and zero-day options. According to Goldman Sachs, speculative call options volume for mega-cap tech stocks has dropped to approximately 4.5 million in December, marking a decline of about 75% from its peak in 2024. This decline coincides with an all-time high in average daily trading volume of options, which reached 48 million. In a related trend, zero-day options on the S&P 500 Index have surged in popularity, accounting for 59% of total options volume, a record high. This represents a significant increase compared to just 18% in 2021. Additionally, zero-day options made up 51% of the S&P Index’s options volume in the fourth quarter of 2024, highlighting a growing preference for these short-term contracts among traders.