Call-option volume on the 20+ Year Treasury Bond ETF, $TLT, has exploded to a record 14.9 million contracts over the last month.

This is TRIPLE the levels seen in January.

This signals rapidly growing bullish positioning toward long-term Treasuries, as call options give traders exposure to a potential rise in bond prices if yields fall.

The bet comes after the 10-year and 30-year Treasury yields spiked to 5.33% and 5.73%, their highest levels in 24 years.

Meanwhile, $TLT is down -11% so far in 2026