Stocks may be rallying today, but Bitcoin (BTC) is still stuck in the mud. The volatile cryptocurrency is down 3.9% so far today and has shed 23% in the past month. The slump has dragged BTC exchange-traded fund (ETF) iShares Bitcoin Trust ETF (NASDAQ:IBIT) deep in the red as well, attracting increased options activity.
IBIT is down 3.8% to trade at $47.07, heading for its eighth loss in the last nine trading sessions. The ETF is trading at its lowest level since April 17, and is now off nearly 10% in 2025.
While calls outflank puts on an absolute basis, the rate of put buying has picked up recently. On the International Securities (ISE), Cboe Options (CBOE) and NASDAQ OMX PHLX (PHLX), IBIT's 10-day put/call ratio of 0.57 sits in the 88th percentile of annual readings.
Today, calls have the edge, with 629,000 calls exchanged this morning, volume that's double the average intraday amount and nearly triple the number of puts traded. The December 52- and 63-strike calls are the most popular, with sell-to-open activity detected.
