A Bitcoin $300,000 call option expiring on June 26, 2025, has become the second most popular trade on Deribit, the world’s largest crypto options exchange. With over 5,000 contracts and a notional open interest of $484 million, the trade has drawn attention though not necessarily because traders believe
$BTC will triple in value within weeks.
This option represents a classic play on asymmetry. For a relatively modest premium of around $60 per contract, market participants gain exposure to a high-reward scenario. Since each Deribit contract equates to one Bitcoin, a price surge to $300K would yield extraordinary profits for holders. While such an outcome is unlikely, the option is attractive for its potential upside versus limited downside.
The timing of this trade isn’t random. June 26 marks the largest quarterly expiry of 2025, a moment when institutional players typically reassess risk and reposition. Though the $110K strike currently holds the most open interest, the sharp increase in $300K call option activity signals either speculative optimism or a form of insurance against unpredictable tail events.
Interestingly, the motivation behind this trade seems to be more political than technical. Traders like Simranjeet Singh from GSR link the call option’s popularity to emerging pro-crypto political narratives. One such narrative includes the BITCOIN Act, championed by Senator Cynthia Lummis, which proposes that the U.S. Treasury hold Bitcoin as a strategic reserve asset. Lummis recently declared the legislation as the only viable path to resolving the nation’s $36 trillion debt, especially after reports that former President Donald Trump supports the idea.
#BitcoinReserveDeadline In parallel, the meme coin scene is heating up.
#GORK , a meme token built on Solana, has surged in popularity. Its price recently hit approximately $0.0666 (via BingX Charts), nearly doubling in a single day. With over $205 million in 24-hour trading volume and a market cap exceeding $70 million, the token’s rise was further fueled by Elon Musk changing his X profile name to “Gorklon Rust,” a nod to the coin. GORK’s momentum reflects strong community engagement and meme-driven attention, amplifying its appeal across retail circles.
Ultimately, the fascination with the $300K Bitcoin call isn’t rooted in expectation it’s rooted in possibility. It illustrates the current blend of FOMO, hedging strategies, and political speculation. In a year where Bitcoin remains volatile and macro narratives loom large, this options play has become a barometer for market sentiment in Q2 2025.
It’s a reminder that in crypto, the improbable isn’t ignored it’s priced in.