The “$300,000 Bitcoin Lottery” gets even bigger as traders chase upside down.

Earlier this month, Coindesk highlighted an increase in demand for $300,000 in Bitcoin listed on Delibit

The Call Option is looking at as one of the most popular bullish plays due to its extremely important June quarter expiration date.

The bet is now the most popular at the expiration of the imminent quarter, bolstering the appeal of traders as a “lottery” who expects a rallies of over $300,000 Bitcoin prices by the end of next month.

According to data source DeLibit, the $300,000 call option was the most popular bet with its June 27th expiration date, bringing the expected open profit of over $600 million, up from $484 million three weeks ago. The expected open profit represents the dollar value of the number of active or open contracts at a given time. In Deribit, one option contract represents one BTC.

“The June $300,000 BTC call option emerged as a strike with the highest open interest (expired June) reflecting on a continuous rise in positions, reflecting aggressive speculative positioning by traders,” Rinchen, Asia head of business development at Delivit, told Koindsk.

“The combination of record-breaking volume and centralized options betting indicates the potential for increased market reliability and increased forward volatility,” Chen added.

DeLibit’s anticipated option open interest reached a record high of $42.5 billion last week. This momentum is reflected in the platform’s newly launched Block RFQ (Quotation Mark Request) system, registering nearly $1 billion in historical records every day.

Call options provide the buyer with what is appropriate, but do not provide an obligation to purchase the underlying asset, BTC, at a predefined price before a certain date. Cole buyers are implicitly bullish in the market.

The $300,000 call expired on June 27 bets that Bitcoin prices will triple up from the current $110,000 to more than $30,000 by the end of the first half.

The first half ends in about four weeks, so the bet sounds quirky. But that’s been the case with Delibit recently, with traders increasingly targeting potential for rising through short-term options.

This is evidenced by a reversal of front-end risk, measuring calls demand related to short-term ones, and is more expensive than those with longer maturities.

Amberdata’s chart shows that the risk reversal is overall positive, indicating a bullish call option bias. However, short calls are more expensive than long calls. The opposite is usually the case.

This trend indicates an increased appetite for fast-paced bullish bets among market participants.

“The 3-Day Bitcoin Conference 2025 is scheduled to start in Las Vegas today, so people are speculating about what new bullish announcements will be released at the event,” Chen explained.

The opposite signal

According to Markus Thielen, founder of 10x research, the growing demand for short-term calls could be the opposite signal suggesting that speculative overload is often seen near the top of the market.

Thielen said the options market has issued a warning and that the seven-day call is trading at PUTS’ 10% premium.

“The options market is flashing warnings. Bitcoin skew measures the difference in implicit volatility between puts and calls, dropping to almost -10%, indicating that calls are priced at much more volatility than puts.

“This suggests that traders are actively chasing downside risk rather than hedging downside risk. In our experience, such extreme skew levels often reflect peak bullish emotions, classic paradoxical signals,” Thielen added.