What is a call option, anyway?
A call option gives the buyer the right but not the obligation to purchase an asset (in this case, Bitcoin) at a predetermined price before a specific date.
If the market price rises above that strike price, the option becomes profitable, or “in the money.” If it doesn’t, the option expires worthless.
So, when someone buys a $300,000 Bitcoin (BTC) call option, they’re essentially betting that Bitcoin’s price will have risen above $300,000 by the time that option expires. In this case, the expiry is June 27, just a few weeks away.
If it doesn’t rise? The option expires worthless.
Now, here’s where it gets interesting. Bitcoin is trading around $104,183 as of June 2, 2025. That means the buyers of these options are betting on Bitcoin’s price nearly tripling in less than a month.
That’s why many in the market are comparing this bet to a lottery ticket. The odds are low, but the potential payoff is massive.
The chart below shows a concentration of Bitcoin call options at higher strike prices, with sharp spikes around $62,500, $70,600 and $81,750. This indicates that many traders are heavily betting on Bitcoin’s price rising.
When call options significantly outweigh puts, it reflects overly bullish sentiment, a classic contrarian signal. If negative news emerges, these positions can unwind quickly, triggering sell-offs.
Did you know? Deribit crypto options exchange noted that the $300,000 call for June 27 has become the most popular strike, with more than $600 million in notional open interest.
Why would anyone bet on $300,000 Bitcoin in a month?
Bitcoin is trading around $104,183 as of June 2, 2025. So, expecting a nearly tripled price in just a few weeks seems ambitious.
But for some traders, that’s the appeal.
Here’s why:
Low cost, high reward: These far-out-of-the-money call options are relatively cheap. You can risk a small amount for the chance of a massive return.Volatility is king: Crypto markets are known for dramatic…..
