Traders Bet Big on $300K Bitcoin Call Option Ahead of June Expiry, But Caution Lingers
The June expiration $300,000 bitcoin call option has become the hottest speculative play among traders, signaling bullish sentiment but also raising red flags, according to Deribit’s Lin Chen.
Earlier this month, CoinDesk reported growing demand for this high-strike call option. Now, with open interest surpassing $600 million, it stands as the most popular bet for the June 27 expiration date.
Deribit data shows a steep rise from $484 million three weeks ago, with traders snapping up contracts betting bitcoin will surge to triple its current price of roughly $110,000 by the end of next month.
Lin Chen, Head of Asia Business Development at Deribit, told CoinDesk, “The $300K call options have the largest open interest in the June expiry, reflecting strong speculative positioning as traders anticipate further gains.”
Chen added that record volume and concentrated option buying may foreshadow increased volatility as expiry approaches.
Deribit recently hit an all-time high in options open interest at $42.5 billion, with its new block RFQ platform reaching nearly $1 billion in daily volume, underscoring booming market activity.
A call option gives buyers the right, but not obligation, to purchase bitcoin at a specified price before expiration — betting on price increases.
The intense focus on this short-term call option indicates an appetite for quick, high-reward trades, supported by data showing front-end risk reversals priced higher than longer-dated ones, an unusual pattern signaling strong near-term bullishness.
Market participants are also eyeing the Bitcoin Conference 2025 in Las Vegas, expecting announcements that could fuel further price gains.
Contrarian Warnings From the Options Market
Despite the bullish enthusiasm, some experts warn that this surge in short-dated call buying may hint at speculative excess.
Markus Thielen, founder of 10x Research, noted the seven-day calls are trading at a 10% premium to puts, indicating traders are chasing upside volatility rather than hedging risks.
“Bitcoin’s options skew has fallen to nearly -10%, showing calls are pricing in much more volatility than puts,” Thielen said.
“This kind of extreme skew typically appears at market tops and can serve as a contrarian indicator of peak bullish sentiment,” he added.
In summary, while the $300,000 call option frenzy reflects trader optimism for a sharp bitcoin rally, it also signals growing risks as speculative fever builds ahead of the June quarter expiry.
