$300K Bitcoin Call Option Gains Popularity – Bullish Signal or Market Top?

What to Know

• The $300,000 bitcoin call option is the top bet for the June 27 expiry, with over $600 million in open interest.
• Traders are speculating on a massive bitcoin price rally, despite BTC currently trading around $110,000.
• The surge in demand for short-term call options may be a contrarian signal, often seen near market tops.

Traders Rush Into $300K Bitcoin Bets Ahead of June Expiry

The bitcoin options market is buzzing with activity as the $300,000 call option for the June 27 expiry gains serious traction. Despite the current bitcoin price hovering around $110,000, this ultra-bullish bet has quickly become the most popular among traders seeking outsized returns.

Data from options exchange Deribit shows that the notional open interest on this specific call has surged to over $600 million—up significantly from $484 million just three weeks ago. That makes it the top-traded strike in the entire June expiry slate.

Extreme Bullish Positioning Dominates Deribit’s June Options

This particular option represents a highly speculative bet that bitcoin will nearly triple in price within the next four weeks. One BTC options contract on Deribit equals one bitcoin, meaning traders are making large dollar-value bets on this potential rally.

The popularity of the $300K call option comes alongside a record-breaking week for Deribit, which saw its total notional open interest across all options hit $42.5 billion. Additionally, the exchange’s block trading system also recorded close to $1 billion in daily volume—a fresh high.

Short-Duration Calls Outpacing Longer-Term Bets

A notable trend in the options market is the growing demand for short-duration bullish bets. Traders are favoring near-term call options over longer-term contracts, which is reflected in the pricing of front-end risk reversals—options that show the relative demand for calls versus puts.

Risk reversals remain positive across all durations, suggesting a generally bullish bias. However, shorter-dated calls are now commanding a higher premium than longer-dated ones. This dynamic is unusual and signals a strong appetite for fast gains.

One factor contributing to this enthusiasm is the start of Bitcoin Conference 2025 in Las Vegas, which may fuel expectations for major announcements and bullish sentiment in the short term.

A Classic Contrarian Signal?

While aggressive bullish plays often excite the market, they can also raise red flags. The sharp rise in speculative short-term options, particularly those pricing in extreme upside, is often associated with peak euphoria—a sentiment that historically precedes corrections.

Options market indicators now show a significant skew toward calls, with some seven-day options trading at a 10% premium over puts. This level of imbalance is rare and has, in past cycles, hinted at overheated sentiment.

Some analysts interpret these signals as potential contrarian indicators. When bullish sentiment becomes too one-sided, it can suggest a lack of caution and a potential short-term top.

High Stakes and High Risk as $300K Call Gains Traction

The booming popularity of the $300,000 bitcoin call option reveals just how bullish the market has become. Traders are chasing massive upside, fueled by momentum, speculation, and event-driven optimism.

However, the speed and size of this move raise caution flags. Whether bitcoin can make a parabolic leap to $300,000 in such a short window is unclear—but what’s certain is that the stakes have never been higher.

As always, extreme bullish bets carry extreme risks. With the market heavily tilted toward one direction, now may be a good time for investors to reassess whether to chase the hype—or prepare for potential volatility ahead.