The $300K BTC Call Emerges as the Go-To Lottery Ticket for Bitcoin Traders in H1

With Bitcoin’s price fluctuating, traders are placing high-stakes bets on a future surge, and the $300,000 BTC call option expiring on June 26, 2025 has become a focal point. This call option is a bet that Bitcoin’s price will surpass $300,000 by the expiration date, and traders are flocking to take part, leading to an explosion in interest.

More than 5,000 contracts for the June $300K call are currently active, amounting to approximately $484 million in notional value. This makes it the second-most popular option for the June expiry, after the $110K call. The surge in open interest is a clear sign that traders are betting on significant upside potential for Bitcoin.

A call option is essentially a contract that allows the buyer to purchase Bitcoin at a set price—in this case, $300,000—by the expiration date. The $300K call is considered out-of-the-money (OTM), meaning Bitcoin would need to increase dramatically to hit the target. However, OTM options are much cheaper, and if Bitcoin does rise dramatically, the payoff can be massive, making this a high-risk, high-reward play.

Spencer Hallarn, a derivatives trader at GSR, stated that the current interest in such far-reaching bets reflects growing investor confidence in Bitcoin’s potential to soar, particularly as economic conditions remain unpredictable and crypto-friendly policies gain traction globally. “It’s like buying a lottery ticket for a huge jackpot,” Hallarn explained. “The high demand for this option shows that traders are positioning themselves for a big move.”

In previous bull cycles, similar high-strike call options have seen increasing interest, but this time, the $300K call is attracting unprecedented attention, signaling the growing optimism in the crypto space. June 26, 2025, stands out as a key expiration date, with large amounts of open interest stacked up at this level.

Traders are also leveraging strategies like the covered call, a tactic that involves selling high-strike calls while holding long positions in Bitcoin. This is being seen with the June $300K call, where many are selling the option for around $60 with implied volatility exceeding 100%. According to Magadini, Director of Derivatives at Amberdata, this approach allows traders to earn premiums while maintaining their long Bitcoin positions.

As institutional interest and regulatory developments continue to create an optimistic outlook for Bitcoin’s future, traders are keeping a close eye on these options, preparing for the potential of a major price surge by the June expiry.