$Echostar(SATS.US) acquired SpaceX equity by "selling spectrum." In 2025, it reached a spectrum transaction with SpaceX (AWS-4H block, approximately 65 MHz), with SpaceX paying a large amount of cash plus up to $11 billion worth of SpaceX stock. This deal significantly improved EchoStar's balance sheet and resulted in SpaceX holdings accounting for an extremely high proportion of $Echostar(SATS.US)'s market value.

Since the rocket explosion incident of Blue Origin, the stock performance of space-related stocks has not been good, and we haven't looked at $Echostar(SATS.US)'s trading data for a while.

Overall implied volatility of $Echostar(SATS.US) over the past two years (top-left chart): Although the stock price has recently pulled back, implied volatility remains high. This high level is unlikely to come down before SpaceX's IPO. Comparing its historical record, the peaks of particularly high implied volatility did not correspond to stock price tops; they even had the potential to be starting points for rallies. From this perspective alone, it is positive.

Volatility is still present; stock price momentum is still present.

The top-right chart shows the recent trend of the Put/Call volatility spread. This result surprised me. We can see the volatility spread entering a deep negative range, with current call option buying momentum extremely strong. Interestingly, even though the stock price has significantly retreated, the momentum of long-side chasing is even stronger.

The bottom-left chart separately plots the volatility of options. It is very clear that the strong SpaceX IPO narrative persists, and for all options expiring within the next month, call option volatility is significantly higher than put option volatility. Long-side momentum is very strong and confident, ignoring the recent stock price decline.

The bottom-right chart shows that in the last trading session, there was a significant scale of call option closing positions. If the volatility spread continues to move more negative even while these positions are being closed, I speculate that the closing was led by buyers. Sellers who originally sold call options took profits and exited early, taking advantage of the significant recent stock price decline.

Conclusion: Although the $Echostar(SATS.US) trading landscape still has a strong $SpaceX IPO narrative component, even disregarding this event, $Echostar(SATS.US) trading remains dominated by call options.