Bitcoin traders are showing substantial interest in a $300K call option that expires on June 26, reflecting speculative bets on the cryptocurrency's price potentially triple from its current value. This $300K call is the second-most popular option in the upcoming June expiry, with over 5,000 active contracts and a notional open interest of $484 million. The option is likened to a lottery ticket due to its low cost and high potential payoff. Traders are engaging in strategies that involve selling higher strike out-of-the-money calls to generate income while holding bullish positions in the market. The increasing popularity of such options echoes trends seen in previous bull cycles but rarely before has such a wager gained so much traction in quarterly expiries. The sentiment stems partly from positive regulatory narratives surrounding cryptocurrency and initiatives like the BITCOIN Act, championed by key political figures.

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