Investors Chase Crypto Rally as $IBIT Call Options Volume Hits Record

Call options volume in $IBIT, the largest Bitcoin ETF, surged to 1.58 million contracts on Wednesday, its largest daily volume on record. $IBIT saw call options volume exceed 1 million contracts in each of the last three trading sessions from Wednesday through Friday.
As a result, call skew — which measures the relative cost of upside versus downside options — surged 0.05 points over the last three days, its biggest three-day increase in at least two years, more than triple the average three-day move since January 2025.
The data suggests investors are increasingly willing to pay up for upside exposure amid the crypto rally.