Options Market Turns Bullish as Trader Bets on 28% Surge in BlackRock’s Bitcoin ETF by Month-End
Sentiment around BlackRock’s spot Bitcoin ETF (IBIT) shifted decisively bullish on Tuesday, as options activity signaled rising optimism and expectations for significant price movement by the end of June.
A standout trade drew attention when a market participant purchased 3,000 contracts of the IBIT $77 strike call option set to expire on June 27, according to data from Barchart.com. The trader paid a total premium of $39,000, positioning for a sharp upside move in the ETF—which closed the day at $60.40.
This trade implies a bullish outlook, as the $77 strike price suggests the buyer is anticipating a 28%+ rally in IBIT over the next few weeks.
Call options grant the right to purchase an asset at a specific price before expiration, and such out-of-the-money bets typically reflect either high-conviction directional views or hedging against larger long positions.
Market watcher EndGame Macro commented on the trade, noting its aggressive stance:
“With IBIT at $60.40 and the $77 strike nearly 28% out of the money, the trader may be anticipating a powerful trigger—such as ETF inflows spiking, a shift in macro policy, or regulatory clarity. Whether it’s a targeted moonshot or a hedge, the trader is clearly expecting major volatility ahead of June 27.”
Options sentiment broadly aligned with this view. According to Market Chameleon, the one-year put-call skew turned negative, indicating call options are now more expensive than puts—a classic sign of bullish sentiment returning to the market.
This marks a reversal from last week, when puts commanded a premium, reflecting caution or downside protection.
With implied volatility rising and upside bets re-emerging, traders appear to be positioning for potential catalysts that could propel Bitcoin—and by extension, BlackRock’s IBIT—higher in the weeks ahead.
