SPCX Draws $89M in Bullish Options Flow Ahead of August Expiry
Institutional calls cluster at $130 and $140 strikes with weekly and monthly positioning
Photo by Tötös Ádám on Unsplash
Net bullish premium of $89.3M hit SPCX today as institutions stacked calls at the $130 and $140 strikes across August expirations.
The Flow
SPCX logged $89.3 million in net bullish premium today, a figure that stands out against typical daily volumes for the SPAC and new issue focused ETF. The flow skewed heavily toward calls, with institutions building positions at the $130 and $140 strikes across both weekly and monthly expirations.
The largest single print landed on the $140 calls expiring August 21, a $360,000 sweep that triggered on repeated hits. That same session saw a $170,000 block and a $160,000 block hit the $130 strike for the August 14 expiry, both flagged as repeated hits patterns. The clustering suggests coordinated accumulation rather than scattered retail interest.
Strike Selection and Timing
The $130 and $140 strikes drew the bulk of attention in the near term. For August 14, the $130 calls saw two separate sweeps totaling $330,000 in premium. The $140 strike for the same expiry caught a smaller $100,000 print that came through on descending fill, indicating a buyer willing to pay up to establish the position quickly.
Further out, the December 18 expiration drew interest at the $120 strike. Two prints totaling $390,000 landed there across repeated hits. This longer dated positioning suggests some participants are betting on a move that extends beyond the near term catalyst window.
The Lone Put
Not every print ran bullish. A $140,000 put at the $123 strike for August 14 came through on ascending fill. The size is modest compared to the call activity, but the pattern suggests a buyer building protection or expressing a near term hedge against the broader bullish thesis.
The ratio tells the story. Call premium outweighed put premium by a factor of roughly six to one on the day. Whoever bought that put is either hedging a larger long position or making a small contrarian bet against the prevailing flow.
What the Positioning Implies
The concentration at $130 and $140 for August expirations creates a defined range for the market to resolve. If shares drift toward those strikes into expiry, dealer hedging flows could amplify directional moves. The repeated hits pattern across multiple prints suggests this was not a single large fund but potentially several desks reaching for similar exposure.
The December $120 calls add a wrinkle. That strike sits below current near term targets, which could mean participants are positioning for a pullback and recovery scenario or simply want longer duration exposure without paying up for higher strikes.
What to Watch
The August 14 expiry arrives in four days. The cluster of open interest at $130 and $140 will either resolve as profitable or expire worthless, and the price action into that date will reveal whether today's buyers were early or on time.
Monitor the [Whale Alerts dashboard](/whalealerts) for follow through. If additional call sweeps land at these strikes tomorrow, the thesis strengthens. If the flow flips to puts or goes quiet, today's prints may represent the high water mark of near term conviction. The next read comes Wednesday at the open.
For informational purposes only. Not investment advice. Published Monday, August 10, 2026.