BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) options launched with a bang on Tuesday, seeing an eye-popping $1.9 billion in notional trading volume on its debut. The majority of this activity was concentrated in call options, reflecting a strong bullish sentiment in the market, with many traders betting on the ETF price reaching $100, which would signify a significant increase in the value of bitcoin.

The ETF closed the day at $52.70, but over 32,000 contracts of the $100 strike call option were traded, marking it as the most active contract. A substantial portion of this activity, 40% of the total trading volume, was tied to the December 12 expiry, further underscoring the growing belief that bitcoin’s price may surge in the coming months.

Samneet Chepal, a crypto quant researcher, pointed out that seeing professionals engage in $100 strike options—essentially betting on a doubling of bitcoin’s price—is particularly intriguing. “This is a clear sign of confidence in bitcoin’s future,” Chepal shared on X.

This uptick in activity is similar to patterns seen on Deribit, the largest crypto options exchange, where $381 million in open interest is concentrated around a $200,000 bitcoin call option. This suggests that investors are increasingly positioning themselves for a massive price move.

The most heavily traded IBIT option on Tuesday was the $55 strike call, with calls outpacing puts by a ratio of four to one. Call options provide traders with the right to buy the underlying asset at a specified price within a certain timeframe, signaling a bullish outlook.

With more U.S. investors now able to access these options through IBIT, there’s potential for further market-moving activity. According to Luuk Strijers, CEO of Deribit, this increased demand could lead to more open interest around key price levels, creating greater potential for volatility and triggering a gamma squeeze—a scenario where rapid price increases are induced by traders hedging their positions.

“As U.S. institutions and retail traders who couldn’t previously trade on Deribit enter the market, the resulting open interest could push bitcoin’s price higher, leading to further volatility and possible gamma squeezes,” Strijers explained.