On July 9, 2026, a significant options trade occurred on the Invesco QQQ Trust ETF, which tracks the Nasdaq 100 index. A trader executed a three-part call spread worth $24 million, betting that the Nasdaq 100 will reach an all-time high by the end of July. This trade was the third-largest options transaction of the day and is seen as a high-conviction, directional bet by market participants [1]. The main component of the position involved a $30 million purchase of 28,000 736-strike calls expiring July 31, offset by the sale of $6 million in 730/740-strike call spreads with the same expiration. This structure raised the breakeven point to approximately $750, just under $2 above the QQQ's early June high [1].
Scott Bauer, CEO of Prosper Trading Academy, commented that unless the trader has another position hedging this bet, the index would need to 'explode higher' for the trade to be profitable. He noted that while the spread reduces the cost, it also raises the breakeven level, making the trade risky if the index remains flat [1]. Open interest in the 736-strike calls matched the trade volume, suggesting the possibility that the trader was buying back previously sold calls, which could indicate a neutral to positive outlook rather than outright bullishness [1].
On the same day, QQQ options trading volume reached $1.6 billion, with $944 million tied to calls. Data showed that nearly equal numbers of calls and puts were bought and sold, indicating a balanced market sentiment overall. However, the $24 million trade stood out for its apparent bullish bias. Additionally, another large bullish trade occurred in the S&P 500 ETF (SPY), where an investor bought 2,000 deep in-the-money 500-strike calls expiring July 24 for $50 million [1].
The second-largest single trade of the day was in Oklo, a nuclear business, where $46 million worth of 200-strike calls expiring January 2028 and $21 million of 90-strike calls expiring mid-December were purchased. Oklo's stock was trading at $50 at the time [1].
CONCLUSION
A massive $24 million options bet on the Nasdaq 100 ETF (QQQ) has drawn attention for its bullish stance, signaling optimism for a potential new high by the end of July. While the trade highlights growing confidence among some investors, the overall options market remains balanced, and the outcome depends on whether the index can break out of its recent flat performance.