$300,000 Bitcoin Call Option Sees Surge in Popularity Ahead of June Expiry
Demand for the $300,000 bitcoin call option on Deribit has surged, becoming the most popular bet ahead of the June 27 expiry. Key points include:
- The notional open interest for this option exceeded $600 million, rising from $484 million three weeks prior.
- Traders expect a price rally above $300,000 by the end of June.
- Record high notional options open interest of $42.5 billion was noted last week on Deribit.
- A call option allows buyers to purchase BTC at a set price before expiration; bullish sentiment is implied.
- The current BTC price is around $110,000, indicating traders are betting on a significant increase to over $300,000 within four weeks.
- Short-term calls are priced higher than long-duration ones, indicating increased demand for rapid bullish positions.
- Market participants anticipate announcements from the ongoing Bitcoin Conference 2025 in Las Vegas.
However, this rising demand for short-duration calls may signal speculative excess near market tops, according to Markus Thielen of 10x Research. He notes that extreme levels of implied volatility skew towards calls may indicate peak bullish sentiment and warn of potential downside risks.