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High-Volume IBIT Call Spread Nets Early 7.5% Gain on $340K Trade—What Does It Signal?
A noteworthy call spread transaction just hit the tape in iShares Bitcoin Trust ETF (IBIT) options, trading 6,018 contracts on the 64-67 strike range for October 17, 2025 expiration. The spread’s VWAP (volume-weighted average price) came in at $1.13. With IBIT stock moving up by $0.33 from the trade’s reference price (from $63.01 to $63.33), buyers saw the position’s mark-to-market value increase by 7.5%, to $1.22 as of the last trade. The size and design of this trade warrant a closer look—what’s the potential play here?
Key Call Spread Trade Details: Size, Structure, and Risk-Reward Profile
| Trade Attribute | Details |
|---|---|
| Expiration | October 17, 2025 |
| Strikes | 64/67 Call Spread |
| Number of Contracts | 6,018 |
| VWAP Trade Price | $1.13 |
| Bid/Ask VWAP | $1.09 / $1.13 |
| Days to Expiry | 42 |
| Stock Reference Price | $63.01 |
| Average Mark-to-Market Gain | 0.09 (+7.5%) |
With 6,018 contracts on, buyers shelled out roughly $340,034 in premiums. If IBIT finishes above $67 at expiry, the max payout rises to about $563,646, meaning the traders stand to make a healthy 66% on their risk capital—if IBIT delivers.
See more details in the Multi-Leg Trade Analyzer
Options Skew Indicator Points to Bullish Market Sentiment
Proprietary option skew analytics paint a bullish backdrop for IBIT: the 30-day implied volatility skew is ranked at 95%—placing it near the most bullish readings in the last year. When options pricing leans this way, it suggests the options market expects stronger upward moves or a lower likelihood of significant downside.
Stock Technicals Show Long-Term Strength, But Near-Term Caution
Technically, IBIT is in a fascinating spot. While it’s up an eye-catching 91.6% over the past year—trouncing the S&P 500’s 18.6% return—its short-term performance lags the broader market. The table below summarizes the numbers:
| Duration | IBIT Return | SPY Return | Low | High |
|---|---|---|---|---|
| Today | +1.5% | -0.4% | 62.55 | 64.35 |
| 2 Weeks | -0.6% | +1.7% | 61.31 | 66.76 |
| 1 Month | -2.9% | +2.4% | 61.31 | 69.89 |
| 3 Months | +6.2% | +8.8% | 56.63 | 69.89 |
| 6 Months | +28.2% | +12.7% | 42.98 | 69.89 |
| 1 Year | +91.6% | +18.6% | 30.24 | 69.89 |
| YTD | +19.3% | +10.9% | 42.98 | 69.89 |
Some key technical metrics:
- Current Price: $63.33 (1.57% up on the day)
- 52-week low/high: $30.41 / $69.84
- Change from 20D Moving Average: -2.6%
- Change from 50D Moving Average: -2.5%
- Up 19.1% over the 250-day moving average
The current price sits below short-term moving averages but is well above long-term trend lines—showing overall bullish momentum but some near-term pressure. Notably, IBIT’s returns have cooled in the past 2 weeks and 3 months relative to SPY, even as the broader trend remains up.
Takeaway: Call Spread Traders Are Banking on IBIT Strength by October 2025
The magnitude and construction of this 64-67 call spread suggest traders see a defined-upside scenario for IBIT over the next six weeks. While they need the ETF to rise above $67 to achieve max payout, the trade’s structure and a bullish options skew reading align with long-term optimism in the Bitcoin-linked ETF—even as recent performance takes a breather. Whether this call spread signals institutional conviction or tactical speculation, the numbers reflect measured risk-taking with a defined potential payoff.
Interested in tracking more multi-leg option trades? Check the MarketChameleon Multi-Leg Option Trades Screener to spot additional opportunities across equities and ETFs.
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