There is a mole within.

Will the A-share market have a slow bull market? Foreign investors have already placed their bets...
Recently, overseas whales have been buying call options on the Far East market, with a 3x call on Far East expiring in January 2026 (YINN, Chart 2) and a 2x call on the CSI 300 Index expiring in June 2025 (CHAU, Chart 3).
 
As for the trading logic, it is highly likely betting on a continuation of the slow bull market.
Taking YINN as an example, here is a somewhat technical analysis:
 
1. Buying call options on the 3x ETF is even more cost-effective in terms of volatility. The IV of the 3x ETF roughly corresponds to 2.7x of the single ETF, with a premium of 2.5x;
If the realized volatility is high, then the negative carry of a 3x etf will be significant in daily rebalancing. So, the scenario this person most wants to trade is actually a slow bull market with low realized volatility.
In the long term, the movement of a three times etf itself is asymmetric relative to a one times etf, with a compound effect during the upward process.

The US bond yield cannot fall lower.

A shares have already peaked

Great power can work wonders.