Call options on BlackRock's iShares Bitcoin Trust (IBIT) reached a new all‑time high of 1.58 million contracts in one trading session, according to data highlighted by Goldman Sachs.
Record‑setting activity
Goldman Sachs reported that the three‑day call skew for IBIT increased by 0.05, the largest rise in that metric since January 2025. Call skew measures the premium traders are willing to pay for upside calls relative to downside puts.
Market context
The session was described as “call‑heavy,” with IBIT grouped alongside the SPDR Gold Shares ETF (GLD) as examples of aggressive bullish positioning.
IBIT’s role in Bitcoin investing
Since its launch in January 2024, IBIT has become one of the largest Bitcoin‑linked products in the United States, attracting a significant share of institutional inflows, especially during periods of price recovery or momentum.
The recent surge was concentrated on calls rather than a balanced mix of calls and puts, suggesting traders were seeking new exposure rather than hedging existing positions.
Implications for Bitcoin sentiment
Heavy call buying typically prompts options market makers to delta‑hedge by purchasing the underlying ETF shares, which can add buying pressure to the ETF price and potentially increase demand for additional calls.
The volume advantage reinforces IBIT’s position as a preferred institutional vehicle compared with other spot Bitcoin ETFs.
