Are the two micro-cap stocks with a record high put/call ratio worth following today?

The two most eye-catching small-cap stocks in terms of premium/market cap ratio today are $Tradr 2X Long COHR Daily ETF(COHX.US) at 0.47% and $Leverage Shares 2X Long NBIS Daily ETF(NBIG.US) at 0.53%. Based on the ratio alone, one might think to go all-in on a bottom-fishing strategy, but I'm not touching either. Instead, the two with ratios below 0.05% are the ones I see potential in today.

$Bitdeer Tech(BTDR.US) officially announced yesterday a $36 million investment to build a mining rig manufacturing plant in Nevada. $16 Calls were scooped up across two expiration dates for a total of 1.32 million shares, with the $13.5 lot serving as a near-in-the-money base and two $16 lots stacked on top. It has a catalyst, structure, and volume. Although the premium/market cap ratio is only 0.04% and not at the limit, having these three factors together is more reliable than just looking at the ratio. If following, watch if it can hold above $14 pre-market; if it breaks $14, exit first.

$Talen Energy(TLN.US) is the second pick. $390 near-at-the-money Calls saw $2.01 million in volume, the largest single long position in small caps. This move is driven by the solid logic of AI data center power supply—Goldman Sachs and Wells Fargo have given buy ratings, and it's also tied to Amazon data center power supply and just got added to the Russell Growth Index. Near-at-the-money isn't gambling; it's directional. It rose 4.5% on 7/9 to close at $384. Follow the direction with a small position, don't chase highs, and it's not advisable to buy above $392.

The 0.47% premium/market cap ratio for $Tradr 2X Long COHR Daily ETF(COHX.US) looks scary, but its $65 Call is 67.6% out-of-the-money, which is pure speculation. Moreover, it crashed 19% on 7/2, and its movement is mainly tied to the overall optical communication sector's ups and downs. A micro-cap that just got hammered and is swinging wildly with the sector—deep out-of-the-money Calls are just buying a lottery ticket; no matter how high the ratio, it's still a lottery ticket.