The S&P 500 has traded sideways for nearly a week, yet digital assets are quietly building momentum. Bitcoin surged Tuesday to its highest level since mid-June, raising hopes for the comeback crypto bulls have anticipated for almost a year. Options activity in equity proxies for the sector suggests traders are positioning aggressively for a sustained rally, with heavy call buying concentrated in the iShares Bitcoin Trust ETF (IBIT), Michael Saylor’s Strategy, and most notably, trading platform operator Coinbase Global.
Coinbase shares in the past day
Coinbase shares jumped approximately 11% to trade near $178 on Tuesday, rebounding from a dip below $150 earlier this month—a level that has repeatedly held as support since early 2024. Options flow was overwhelmingly bullish: more than 114,000 calls traded against fewer than 50,000 puts, with bought calls outnumbering bought puts by more than four to one.
By midday Tuesday, over $100 million in Coinbase options premium had changed hands, with $80 million tied to call contracts, according to SpotGamma data. The most actively traded contract was the $190-strike call expiring Friday, a wager requiring a 7.5% advance to turn a profit.
Options activity in Robinhood Markets mirrored the optimism surrounding Coinbase. Of roughly 170,000 total contracts traded, 125,000 were calls, with bought calls outpacing bought puts by a six-to-one ratio, per ThinkOrSwim data.
These bullish bets on brokerage and exchange stocks are inherently linked to a recovery in underlying crypto prices. Flow data for the bitcoin ETF IBIT supports that thesis: call buying doubled put buying, though call selling exceeded call buying, indicating a more measured, neutral-to-bullish stance.
A potential positive signal for bitcoin advocates also emerged in Strategy, the bitcoin treasury company whose shares have fallen over 75% in the past year and have been a focal point of sector volatility. Traders purchased twice as many calls as puts in the name, suggesting a bet that the worst of the downturn may be over.
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