Bitcoin ETF ($IBIT) call options volume hit record 1.58M contracts as investors aggressively position for upside.
Macro & Markets ·
Bitcoin spot ETF call options are showing intensified bullish positioning. The largest Bitcoin ETF recorded 1.58 million call option contracts traded on Wednesday, marking its highest single-day volume on record. Call volumes remained elevated above 1 million contracts for three consecutive trading sessions through Friday, indicating sustained investor appetite for upside exposure.
The surge in call activity has driven call skew—a measure of the relative pricing between upside and downside options—up 0.05 points over the three-day period, the largest such increase in at least two years. Call skew rising means investors are increasingly willing to pay a premium for bullish positions relative to protective downside hedges. This three-day move is more than triple the average adjustment seen since January 2025.
What remains unclear is whether this options positioning reflects new money entering the space, existing holders shifting their exposure, or both. The concentration of volume in call options alone does not indicate whether underlying spot purchases or broader crypto rally sentiment is driving the movement.