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of S&P500 has hardly moved for five days, but crypto assets are gaining momentum in the background. Bitcoin It soared on Tuesday to its highest level since mid-June.
Is this the comeback crypto bulls have been waiting for almost a year? Options traders in stocks related to the digital asset class seem to think so, and the calls are piling up. iShares Bitcoin Trust ETF (IBIT)Michael Thaler’s strategyand above all – trading platform operators coinbase global.
Coinbase stock price in the past day
After dipping below $150 earlier this month, Coinbase stock rose about 11% on Tuesday to trade around $178, a level the stock has tested and maintained multiple times since early 2024. Option flow for the stock was very bullish, with over 114,000 calls traded compared to just under 50,000 puts. There were more calls bought than sold, and more than four times as many calls bought than puts.
More than $100 million in option premium had been traded on Coinbase through midday Tuesday, with $80 million of that tied to call contracts, according to data from SpotGamma. The most popular contract based on volume is a 190-strike call expiring on Friday, which would require a 7.5% rally to pay off.
option of robinhood market Reflecting Coinbase’s bullishness. Of the total 170,000 contracts traded on the brokerage’s stock, 125,000 were calls, with six times as many calls bought as puts, according to ThinkOrSwim data.
Bullish bets on brokers will most likely pay off once crypto prices recover, and options flow around Bitcoin ETF IBIT suggests that may be the case. The fund had more than twice as many calls bought as puts, but more calls were sold than bought, suggesting a more neutral to bullish outlook.
One possible relief for Bitcoin bulls is that traders are buying twice as many calls as puts on Strategy, the Bitcoin treasury firm that has fallen more than 75% over the past year and is arguably the main source of crypto disputes.
