While the broader S&P 500 has remained largely flat over the past week, a different narrative is emerging in cryptocurrency markets. Bitcoin climbed on Tuesday to reach its highest level since mid-June, sparking renewed optimism among traders focused on digital assets.
The move in crypto prices has triggered significant activity in options tied to companies exposed to the sector, with Coinbase Global emerging as the clear favorite among bullish traders. The cryptocurrency exchange operator saw shares surge roughly 11% on Tuesday to trade around $178, recovering from a dip below $150 earlier in the month — a support level the stock has defended multiple times since early 2024.
Heavy Call Buying in Coinbase
Options activity in Coinbase reflected strong conviction among bullish traders. More than 114,000 call contracts changed hands versus just under 50,000 puts. The buying pressure was particularly notable, with more than four times as many calls purchased as puts, according to data from CNBC’s reporting.
By midday Tuesday, more than $100 million in options premium had traded on Coinbase, with $80 million of that tied to call contracts, according to data from SpotGamma. The most actively traded position was the 190-strike call expiring Friday — a bet that would require a 7.5% rally from Tuesday’s levels to finish in the money.
Broader Crypto-Stock Enthusiasm
The bullish sentiment extended beyond Coinbase. Robinhood Markets, another brokerage platform with significant cryptocurrency exposure, saw similar positioning. Of the 170,000 total options contracts traded on the stock, 125,000 were calls, with six times as many calls bought as puts, based on data from ThinkOrSwim.
Traders also showed interest in the iShares Bitcoin Trust ETF (IBIT), where more than twice as many calls were purchased compared to puts. However, the overall picture was somewhat more measured, as more calls were sold than bought, suggesting a neutral-to-bullish outlook rather than outright enthusiasm.
Strategy Sees Renewed Interest
Perhaps most intriguingly, traders bought twice as many calls as puts in Strategy, the bitcoin treasury company formerly known as MicroStrategy and led by Michael Saylor. The stock has fallen more than 75% over the past year and has been viewed by some as a focal point of recent crypto market weakness, making the renewed call buying a potential signal of shifting sentiment.
The pattern across these positions suggests that options traders are positioning for a meaningful recovery in cryptocurrency prices. Brokerages like Coinbase and Robinhood tend to see trading volumes — and by extension, revenues — increase during periods of heightened crypto activity, making them leveraged plays on any sustained digital asset rally.
Whether this week’s Bitcoin bounce marks the beginning of a longer-term recovery or simply another false start remains to be seen. For now, the options market is sending a clear message: some traders are willing to bet that the worst may be behind crypto-linked equities.
Source: www.cnbc.com — https://www.cnbc.com/2026/07/21/traders-bet-that-this-stock-will-lead-the-way-in-a-crypto-comeback.html
This article is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Do your own research and consult a licensed professional before making financial decisions.
