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COIN Options Market Roars: $300 Calls Account for 8% of Total Volume
As of 1:36 PM, Coinbase (COIN) is lighting up the market, soaring 15.59% to trade at $293.43—a move that has dramatically fueled the options market. The Jun-20-25 $300 Call stands out as the clear favorite among traders, posting a volume of 29,513 contracts, or 8% of all COIN options activity for the day.
Volume & Price Action: Massive Uptick Points to Bullish Energy
| Contract | Volume | Open Interest (prev. day) | VWAP | Last Trade Price | High/Low Price |
|---|---|---|---|---|---|
| Jun-20-25 $300 Call | 29,513 | 17,398 | $2.72 | $4.48 | $5.30 / $0.04 |
The average trade price (VWAP) sits at $2.72, but what really jumps out is the day’s price range: contracts traded as low as $0.04 and as high as $5.30, closing in on $4.48 for the latest print. With over 29,500 contracts moved (versus open interest of 17,398), today’s flow nearly doubles prior positioning—a sign of explosive new speculation or rapid trading.
Implied Volatility: High and Still Climbing
| IV (Open) | IV (High) | IV (Low) | IV (Last) | Previous IV Close | Change vs Previous |
|---|---|---|---|---|---|
| 94.5 | 94.5 | 74.7 | 88.9 | 86.1 | +2.1% |
Implied volatility (IV) opened and peaked at 94.5 before pulling back to 88.9—still up 2.1% from the previous close. This uptick reflects heightened expectations for bigger moves ahead, and it signals a market hungry for volatility.
Who’s Trading? Retail Makes Up Majority, Institutional Activity Also Strong
The trading split tells a story: 53% of contracts came from small (retail) traders, while 47% originated from larger, professional accounts. Notably, the action was evenly balanced between buyers (50.4%) and sellers (49.6%). It’s a sign that, while bullish speculation is hot, there are both sides eager to bet on the outcome.
Open Interest Drops Despite High Volume: Position Churn or Profit Taking?
Interestingly, open interest in this contract decreased by 1,020 contracts compared to the previous day—suggesting some traders may be locking in profits or closing out bets, even as new players enter. With such massive volume outpacing open interest, this could reflect rapid back-and-forth trading or a repositioning for what comes next.
Bigger Picture: Technicals Turn Bullish as Price Momentum Aligns with Options Surge
COIN’s 15.59% rally and the aggressive push above $290 put the $300 strike firmly within striking distance. Rising implied volatility, heavy retail participation, and near-even buy/sell splits create a cocktail of risk and potential opportunity as expiration approaches. Whether this is the beginning of a more sustained bullish move or just a wild swing, the options market is betting on more fireworks.
What to Watch: Can COIN Hold the Gains—or Was This a One-Day Frenzy?
Today’s record options action is signaling intense interest—and perhaps mounting expectations for continued upside in COIN. Traders and investors should keep an eye on open interest changes, volatility trends, and price momentum. With this level of speculative fervor, the story is far from over—and another surprise could be just around the corner.
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