Bitcoin Moonshot? Trader Bets on 28% Surge in BlackRock's Spot BTC ETF by Month-End

A bold stake connected BlackRock's spot bitcoin BTC ETF (IBIT) crossed the portion Tuesday, suggesting expectations for a "moonshot" oregon accelerated terms surge successful the world's largest publically listed money by month-end.

On Tuesday, a trader picked up 3,000 contracts of the IBIT $77 onslaught telephone enactment expiring connected June 27, according to information root Barchart.com. The trader paid a full premium of $39,000 for the bullish exposure.

A telephone enactment gives the purchaser the right, but not the obligation, to bargain the underlying plus astatine a predetermined terms connected oregon earlier a aboriginal date. A telephone purchaser is implicitly bullish connected the market.

The $77 onslaught telephone represents a stake that prices volition transverse that level earlier the expiry. In different words, the bitcoin-tracking ETF, which closed Tuesday astatine $60.40, is expected to rally by implicit 28% by June 27.

Pseudonymous perceiver EndGame Macro called it a high-conviction stake connected a bullish breakout.

"With IBIT trading astir $60.40 and the $77 onslaught sitting astir 28% retired of the wealth [above the spot price], this trader is either anticipating a large catalyst similar a surge successful ETF inflows, a macro pivot, oregon a regulatory greenlight oregon they’re hedging a overmuch larger directional exposure," EndGame Macro said.

"Whether it’s a calculated moonshot oregon portion of a broader positioning strategy, 1 thing’s clear: they’re expecting superior volatility earlier June 27," EndGame Macro added.

Bull temper returns

Overall, the temper successful the IBIT options marketplace shifted bullish connected Tuesday, with the one-year put-call skew turning negative, according to information root Market Chameleon.

The antagonistic displacement indicates calls, offering asymmetric upside exposure, are again trading comparatively costlier than puts,

The renewed bullish displacement follows a little play from past week when puts traded astatine a premium to calls, reflecting downside fears.