"The demand for UUP NOV 23 calls the past week may be related to a Hedge Fund taking a shot on the Dollar bottoming out. Open interest in these calls has skyrocketed the past week and is registering nearly 300k contracts or nearly $30 million in underlying value. As customers buy these calls, market makers who sell them must buy stock to hedge these call sales. Here is the past 10 day volume of the calls vs puts, and the open interest of the calls and puts. AVGATM VOL = Average at the money implied vol of the front mo options- notice the spike."
I don't think the call buying was a bet on the dollar, but rather a play on the fund running out of shares. There was a filing Tuesday saying it was running low and so they ramped up the call buying to increase demand for shares, which is why the fund ran out today and trading was halted.