The $300K BTC Call Becomes the Favorite Lottery Bet for Bitcoin Traders in 2025’s First Half

Bitcoin traders are piling into an aggressive bet on the cryptocurrency’s future price, with the $300,000 BTC call option for June 26, 2025, becoming a central point of attention. This option is essentially a wager that Bitcoin will soar to $300,000 or higher by the expiry date, attracting significant interest despite its out-of-the-money (OTM) status.

Over 5,000 contracts for the June $300K call option are currently open, representing a notional value close to $484 million. This has made it one of the most widely traded options for the June expiry, reflecting growing optimism about Bitcoin’s potential to surge in the coming months.

A call option allows buyers to purchase Bitcoin at a fixed price—in this case, $300,000—before the option expires. The $300K strike price is well beyond Bitcoin’s current price, making it a risky bet, but with the possibility of huge returns if the market experiences a significant rally.

According to Spencer Hallarn, a derivatives trader at GSR, the growing demand for such high-risk calls is linked to a broader market sentiment that Bitcoin’s price could experience a sharp upward movement, driven by factors like institutional interest and regulatory support for cryptocurrencies. “For traders, the $300K call is a low-cost way to gain exposure to Bitcoin’s upside potential,” Hallarn explained.

In previous bull markets, similar high-strike options have gained popularity, but the sheer scale of interest in the $300K call option is unprecedented. The June 26 expiry is shaping up to be a key moment for the crypto market, with the $300K call attracting notable open interest as traders speculate on Bitcoin’s future direction.

Additionally, many traders are employing covered call strategies to hedge their positions. This involves selling high-strike calls like the $300K option while holding long Bitcoin positions. It allows traders to generate income while still benefiting from Bitcoin’s potential price movement.

As the expiry date draws near, traders and investors are keeping a close eye on Bitcoin’s price action, with the $300K call option acting as one of the most significant speculative bets on the cryptocurrency’s future.