White metal mania signals are flashing red.

Looking at the recent surge in trading activity—we're witnessing volume levels that haven't been seen since 2021. That's the kind of spike that gets traders' attention.

What's fueling this move? Primarily call option buying, which suggests bullish bets are heating up. But that's only part of the story. ETF inflows have also picked up momentum, indicating retail participation is ramping alongside institutional positioning.

Here's the thing though: when you stack speculative positioning on top of fund accumulation, you've got a potential warning signal. Not to say this necessarily tanks tomorrow, but complacency isn't warranted. The short-term risk/reward setup looks asymmetric right now. Worth keeping an eye on before things get ahead of fundamentals. ⚠️