Bitcoin Traders’ Favorite Lottery Ticket for the First Half of the Year — The $300K BTC Call
Why the $300K Bitcoin Call Option Is Drawing So Much Attention**
Despite the slim odds, some traders are placing bold bets on Bitcoin’s price surging to $300,000 by late June. This speculative interest has made the $300,000 call option expiring on June 26 the second-most popular bet in Deribit’s June expiry lineup, trailing only the $110,000 call.
### Key Details:
- **Massive Open Interest:** Over 5,000 contracts are active for the $300K call, representing a notional value of $484 million.
- **A High-Stakes Gamble:** These deep out-of-the-money (OTM) calls act like lottery tickets—cheap to buy but offering massive payouts if Bitcoin triples in price within months.
- **A Hedge Against Hyperinflation?** Some traders see these options as a way to bet on extreme market movements, akin to hedging against economic instability.
### Why June’s Expiry Matters
The June quarterly expiry is the largest of the year, driving heightened trading activity as investors hedge positions, lock in gains, or speculate on Bitcoin’s next move. While deep OTM calls rarely gain this much traction, the current demand reflects the market’s appetite for high-risk, high-reward plays.
Deribit, which dominates over 75% of the crypto options market, has seen similar speculative flows in past bull cycles—but rarely have such extreme bets ranked among the top trades for a quarterly expiry.
As Spencer Hallarn, a derivatives trader at GSR, put it: *"People like buying lottery tickets. The call skew shows there are always folks looking for a hyperinflation hedge."*
These bets may be long shots, but in crypto, even the wildest predictions can attract real money.
