SPY is trading higher this morning, July 24, 2025. The ETF opened at $628.77, hit a fresh intraday high of $631.54, and is holding near $630.90 as of 9:47 AM ET. Volume is light at 62.25 million, below the 20-day average of 66.65 million. The move marks a new 52-week high. But the options market isn’t chasing it.
Put-call volume is tilted. 3.93 million puts traded versus 3.37 million calls, giving a ratio of 1.17. Open interest is even more skewed. 12.18 million puts vs. 5.12 million calls, ratio 2.38. That’s defensive. Not momentum. Implied volatility sits at 16.57%, with IV rank at 10.85. Historical volatility is 9.14%. The spread is narrow. Traders aren’t pricing in big swings, but they’re hedging anyway.
Dark pool prints are flashing. A 403,000-share block hit at $617.49, totaling $248.8 million. No headline. No catalyst. Just quiet selling. That’s institutional. That’s not retail.
Sector rotation is visible. Health care, industrials, and energy are holding. Utilities are getting dumped. XLU posted its lowest inflow in 9 months. Traders are rotating out of defensives. But they’re not rotating into growth. They’re rotating into protection.
One trader in Chicago said, “SPY’s up. But the tape feels heavy.” That’s the tension. Price is rising. Conviction isn’t. Over 75% of options expire worthless. That’s not theory. That’s math. Rich traders sell them. Broke traders buy them. The current setup reflects that divide.
If these flows start showing up in price, a short-term pullback could follow. Until then, the surface looks calm. Underneath, it’s hedged.
Sources:
https://optioncharts.io/options/SPY
https://optionalpha.com/symbols/spy
https://www.barchart.com/etfs-funds/quotes/SPY/options