The $300K Bitcoin Bull Run Accelerates — Is Now the Time to Reassess Your Position?

$300K Bitcoin Call Options Surge as Traders Chase Big Gains Ahead of June Expiry, But Some Signal Caution

Demand for the $300,000 bitcoin call option expiring in June has surged dramatically, becoming the most active bullish wager on Deribit and highlighting traders’ aggressive bets on a substantial price rally, Deribit’s Lin Chen told CoinDesk.

Since early May, open interest for this high-strike call has jumped to over $600 million from $484 million, indicating strong speculative interest in bitcoin hitting nearly three times its current price near $110,000 by the end of June.

Lin Chen, Deribit’s Head of Asia Business Development, explained, “The $300K June calls now lead in open interest, reflecting bold positioning by traders expecting further upside momentum.”

This spike comes amid record-setting options volumes on Deribit, which recently hit $42.5 billion in notional open interest, supported by a new block RFQ system that processed close to $1 billion in daily volume.

Options buyers gain the right to purchase bitcoin at a preset price before expiry, and these outsized bets show traders are focusing on short-term explosive gains rather than longer-term hedges.

Data reveals front-end risk reversals — the price difference between calls and puts — are unusually high for near-term contracts, signaling traders are prioritizing short-dated bullish exposure.

The Bitcoin Conference 2025 kicking off in Las Vegas is also stirring excitement, with expectations for announcements that could further fuel bullish sentiment.

Caution from Contrarian Experts

Despite growing enthusiasm, some market observers warn this frenzy may signal overexuberance.

Markus Thielen of 10x Research highlighted a striking skew in option pricing: “Seven-day calls are trading at a 10% premium over puts, showing traders are aggressively chasing upside volatility rather than hedging downside risk.”

He added, “Such extreme negative skew levels often mark peak bullish sentiment and can act as a contrarian warning for a potential market top.”

While the $300K call option frenzy reflects strong optimism for a swift bitcoin surge, the unusual volatility and skew signals urge traders to consider the risks ahead of June’s key expiry.