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$300K Bitcoin Call Option Sees Surge in Popularity as Traders Bet on Big Upside — Is Caution Warranted?
The June expiry $300,000 bitcoin call option has rapidly gained traction among traders, signaling bold bullish bets on a major price rally, according to Deribit’s Lin Chen.
CoinDesk earlier spotlighted the rising demand for the $300K BTC call on Deribit, making it one of the top bullish strategies ahead of the crucial June quarterly expiration. This bet has since become the single most popular options contract for the expiry, drawing comparisons to a “lottery ticket” as speculators anticipate bitcoin surging past $300,000 by the end of June.
As of now, open interest for the June 27 $300K call stands at over $600 million in notional value, up from $484 million just three weeks prior, per Deribit figures. On the platform, each options contract corresponds to one bitcoin, and notional open interest measures the dollar value of active contracts.
Lin Chen, Deribit’s Head of Asia Business Development, explained to CoinDesk, “The $300,000 strike for June expiry now holds the highest open interest, highlighting strong speculative interest in a continued bitcoin rally.”
Chen added that record volumes combined with concentrated option positions suggest both elevated market confidence and the possibility of increased volatility as expiration approaches.
Deribit’s total options notional open interest recently reached a record $42.5 billion, while its block RFQ system hit nearly $1 billion in daily volume — further evidence of heightened activity in bitcoin derivatives.
For those unfamiliar, a call option gives holders the right (not obligation) to buy bitcoin at a specified price by a certain date — a fundamentally bullish instrument.
The $300K strike for June 27 represents an ambitious bet that bitcoin will nearly triple from its current ~$110,000 price in just under a month. While it may seem extreme, this kind of aggressive short-term bullish positioning has become more common recently.
This is reflected in the pricing of “risk reversals,” which show traders paying a premium for near-term calls over puts — the inverse of usual market behavior. Amberdata’s data indicates positive risk reversals across maturities, with short-dated calls particularly expensive.
This bullish appetite aligns with excitement building ahead of the Bitcoin Conference 2025 in Las Vegas, where traders expect news that could bolster prices.
Contrarian Signals Emerging
Still, some experts caution this surge in short-term calls may be a sign of speculative excess, often a hallmark of market tops.
Markus Thielen, founder of 10x Research, noted that seven-day call options currently trade at about a 10% premium versus puts, suggesting traders are chasing upside without hedging downside.
He said, “Bitcoin’s skew — which measures implied volatility differences between puts and calls — has dropped to nearly -10%, meaning calls are pricing in significantly higher volatility than puts.”
Thielen explained, “This extreme skew often coincides with peak bullish sentiment and can be a contrarian warning sign for a market top.”
In summary, the booming $300K Bitcoin call option reveals strong market optimism but also hints at potential overheating as traders race for outsized gains with just weeks until the June quarter ends.
