IBIT $1.7M Call Spread Aims for $5.1M: What This 15,270 Contract Bet Signals for iShares Bitcoin Trust ETF
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Large IBIT Call Spread Sees $1.7M Put on the Line for Potential $5.1M Payoff
A sizable options call spread traded on iShares Bitcoin Trust ETF (IBIT) grabbed attention on September 16, 2025, when 15,270 contracts of a January 16, 2026, 72-81 call spread changed hands at a VWAP price of $2.27 per spread. As of 2:55 p.m., the spread was valued at $2.29, netting early buyers a gain of 0.02 (or 0.8%). The move corresponded with IBIT stock ticking up by $0.58, from $65.61 to $66.19.
| Trade Component | Details |
|---|---|
| Expiration Date | Jan 16, 2026 |
| Call Spread Strikes | 72-81 |
| Contracts Traded | 15,270 |
| Days to Expiration | 122 |
| VWAP Price | $2.27 |
| VWAP Bid | $2.19 |
| VWAP Ask | $2.32 |
| Stock Reference Price | $65.61 |
| Stock Price at Article Time | $66.19 |
To explore more multi-leg trades and spread strategies, check the multi-leg trade analyzer and the multi-leg trade screener.
Risk/Reward Profile: Up to $5.1M Potential on a $1.7M Bet
This call spread represents a classic risk/reward setup. The buyer paid over $1.7 million (15,270 spreads x $2.27 x 100), with a shot at making around $5.1 million if IBIT closes above $81 on expiration. The breakeven point on this structure is $74.27 (strike price + premium paid). Anything above that boosts profits; below it, the buyer loses premium paid. Notably, the maximum gain comes if IBIT rises above $81 by January 16, 2026.
Technical Indicators: IBIT Remains Firmly Above Key Averages and Outpaces SPY in the Long Run
IBIT closed at $66.19, a 1.05% daily gain and a 0.1% pop at the open. The price sits 3.4% above the 20-day moving average ($64.03), 1.2% above the 50-day ($65.38), and 22.4% above the 250-day ($54.07) average—signaling momentum remains strong. Over the past year, IBIT’s price has soared 94.3%, far outpacing SPY’s 18.8%.
Over the last two weeks, IBIT gained 7.7% (SPY +2.4%), but it lagged over the last three months (+10.7% vs SPY’s +11.0%). From the 52-week low ($32.98, Sep 2024), IBIT has rallied 102.5%. From its high ($69.84, Aug 2025), the stock is off 5.3%, reflecting some short-term mean reversion after an extended run higher.
| Duration | IBIT Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +1.0% | 65.14 | 66.47 | -0.1% |
| 2 Week | +7.7% | 61.94 | 66.47 | +2.4% |
| 1 Month | -0.4% | 61.31 | 66.76 | +2.7% |
| 3 Month | +10.7% | 56.63 | 69.89 | +11.0% |
| 6 Month | +37.4% | 42.98 | 69.89 | +18.0% |
| 1 Year | +94.3% | 32.69 | 69.89 | +18.8% |
| YTD | +24.7% | 42.98 | 69.89 | +13.3% |
| 3 Year | -- | -- | -- | +75.3% |
| 5 Year | -- | -- | -- | +103.6% |
Option Skew Indicator Points Bullish
The proprietary 30-day implied volatility skew ranks at 87% (on a 52-week scale), suggesting market participants see a bullish setup going forward. A higher skew percentile is generally interpreted as options traders anticipating larger upside potential compared to downside risk, possibly supporting the case for the aggressive call spread trade.
Takeaway: High-Conviction Bet, Supported by Technicals and Options Sentiment
When more than $1.7 million is risked on a directional bet—seeking to turn that into $5.1 million—the conviction level is high. The call spread's structure shows a calculated approach to gain upside exposure with capped risk. The current price strength above major moving averages and bullish options skew reinforce that some market participants see further room to run in IBIT, even after nearly doubling over the past year.
Curious about other spread strategies? Head to the multi-leg option trade screener for more trade setups and analysis.
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