Traders Bet on Coinbase to Lead Crypto Comeback as Bitcoin Hits 5-Week High
As Bitcoin jumped to its highest level since mid-June, options traders are piling into bullish bets on crypto-exposed stocks, particularly Coinbase Global. Coinbase shares rallied 11% to around $178 after dipping below $150 earlier in July. Over $100 million in options premium traded on Coinbase by midday Tuesday, with $80 million in calls. The most popular contract was the 190-strike call expiring Friday, requiring a 7.5% rally. Robinhood Markets also saw heavy call buying, with 125,000 calls out of 170,000 total contracts. The iShares Bitcoin Trust ETF (IBIT) showed more than twice as many calls bought as puts, while Strategy (formerly MicroStrategy) saw twice as many calls as puts traded. The bullish options activity suggests traders anticipate a sustained crypto rebound after nearly a year of waiting.
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