As the crypto market heats up, bold predictions are becoming reality, with traders putting real money behind lofty targets. A standout bet currently attracting attention is the $300,000 bitcoin call option expiring on June 26, 2025. This option is essentially a wager that Bitcoin’s price will soar, tripling to over $300,000 by the time the option expires.
At the time of writing, over 5,000 contracts in the June $300K call were active, representing an open interest of about $484 million, making it the second-most popular option play for the June expiry. This is just behind the $110K call, but ahead of most other market bets. The Deribit exchange, the largest crypto options platform globally, facilitates these trades, handling over 75% of the world’s crypto options activity.
For those unfamiliar with options trading, a call option gives the buyer the right to purchase Bitcoin at a specified price—in this case, $300,000—by the expiration date. The $300K call option is a deep out-of-the-money (OTM) bet, which means that Bitcoin would need to surge significantly to make the option profitable. Such options are cheaper than more conventional strike prices but carry the potential for massive profits if the price surge occurs. Essentially, they resemble a lottery ticket—cheap to buy but with the possibility of a substantial payout if Bitcoin’s price skyrockets.
According to Spencer Hallarn, a derivatives trader at crypto market maker GSR, the surge in interest for these high-risk calls stems from investors looking for hedges against hyperinflation and betting on broader market movements, such as pro-crypto regulations or unexpected shifts in U.S. policy. “Some people just like to buy lottery tickets,” Hallarn said, referencing the high open interest in this out-of-the-money bet.
The $300K call option mirrors a familiar pattern seen during previous bullish Bitcoin cycles, where similar bets on price rallies were placed. However, this time, the $300K call is enjoying a level of interest previously unseen, with June 26 standing out as one of the most significant expiry dates for 2025. This date is poised to be a pivotal moment, marking the highest notional open interest buildup for the year.
Simranjeet Singh, a trader at GSR, noted that the high open interest in the $300K call could be linked to broader crypto narratives. “This could be a mix of bets driven by the U.S. regulatory landscape being favorable to crypto and hopes around the strategic reserve concept that was discussed during the current administration,” Singh commented.
In addition to the growing interest in the $300K call, there’s also been notable selling activity surrounding this option. Amberdata’s Director of Derivatives, Magadini, explained that much of the selling in the April $300K calls was likely part of a covered call strategy, commonly used by traders to generate additional income from their long Bitcoin positions. This strategy involves selling higher strike price calls, like the $300K option, while holding a long position in the underlying asset—in this case, Bitcoin. Each call was reportedly sold for around $60 with 100% implied volatility.
Selling covered calls is a popular tactic in both crypto and traditional financial markets, as it allows traders to earn premiums while retaining the potential for future gains in the spot market.
As the market heads toward the June 26 expiry, these speculative bets on Bitcoin’s future price movements, alongside the regulatory optimism and institutional interest, are keeping traders on edge, ready for what could be a major shake-up in the crypto market.
