On April 9, 2025, someone risked about $2.5 million—and walked away with more than $70 million in under an hour.The trade was simple, but bold: buy a specific kind of option tied to SPY, the exchange-traded fund (ETF) that tracks the S&P 500, the most widely followed index of large-cap U.S. companies. The option—known as a call—gave the buyer the right to purchase SPY at $509 per share. That might not sound strange, except that SPY was trading below $500 when they placed the bet. And the option ...