Trader Bets on 28% Upside in BlackRock’s Bitcoin ETF by June 27 Expiry
A high-conviction options trade targeting BlackRock’s spot Bitcoin ETF (IBIT) drew attention Tuesday as a trader purchased 3,000 June 27 $77 call contracts. The position, taken while IBIT was trading at $60.40, implies a 28% upside target within the next few weeks.
The trade totaled $39,000 in premium, signaling a calculated bet on significant near-term volatility, potentially linked to Bitcoin price action, ETF inflows, or macroeconomic catalysts.
The strike sits well out-of-the-money, indicating either:
- A speculative directional position anticipating a major breakout
- A hedge on broader exposure tied to BTC or crypto-linked equities
Options market structure supports the move. Market Chameleon data shows the put-call skew turning negative, a reversal from last week—indicating calls are now more expensive than puts, consistent with rising bullish sentiment.
This activity comes as IBIT consolidates amid reduced ETF inflows and relatively muted BTC spot price movement around $104,000. However, traders appear to be positioning ahead of potential macro events or a renewed upside push in Bitcoin markets before quarter-end.
With the June 27 expiry approaching, the trade’s outcome could offer insight into how aligned options positioning is with broader sentiment shifts in crypto markets.
