IBIT call volume above normal and directionally bullish
A surge of buyer-initiated call activity in IBIT drove $2.98M in options premium, with call premium concentration, same-side tape, and sweep/block indicators pointing to high-quality bullish flow.
Options activity in IBIT on June 3 showed a pronounced skew toward calls, producing what appears to be high-quality, directional bullish flow. Total option volume reached 11,725 contracts with call volume of 7,827 versus put volume of 3,898 (put/call ratio 0.50). The session generated $2,977,990.30 in total premium, of which $1,996,495.10 was call premium. Premium was elevated versus normal, with total_premium_percentile at 94.7 and premium_vs_average of 2.26, signaling unusually large dollar exposure for the name.
Several execution details support the interpretation that this was concentrated bullish buying rather than mixed churn. Same-side tape shows 55 trades touching the same side, covering 34 contracts and $1,996,495 in premium, with an ask_premium_ratio of 0.903 — a high share of buyer-initiated activity. The sweep_block_premium_ratio for the snapshot sits at 1.592, indicating a material contribution from sweeps or block-style executions. A single same-side max_premium print reached $156,000, reinforcing that some trades were meaningfully large. Directional metrics also leaned toward calls: directional_premium_ratio of 0.67 and directional_volume_ratio of 0.668 indicate a two-thirds tilt toward bullish contracts.
Active strikes show both puts and calls trading but with notable call interest concentrated in longer-dated contracts. Top call activity included the 42.0 strike expiring 2026-11-20 (625 contracts, $203,125 premium) and the 39.5 strike expiring 2026-07-10 (543 contracts, $71,622 premium). Put activity was also present, led by a 34.0 strike expiring 2026-09-18 (974 contracts, $179,119 premium) and a short-dated 38.0 strike expiring 2026-06-05 (881 contracts, $63,432 premium), which suggests a mix of short- and long-dated positioning. Implied volatility levels were moderate to elevated across the chain: average_iv_pct was 44.86 and iv30_pct was 41.51, while the expected move for the next 30 days was ±3.65% (expected_move_price $1.39, upper $39.47, lower $36.69).
Risk framing: spreads were reasonable with an average_spread_pct of 5.18, but implied volatility sits above near-term history in parts of the chain even as iv_percentile is 16.5 for the 30-day bucket. There is no earnings date listed in the snapshot. The combination of high-dollar premium (94.7 percentile), buyer-initiated same-side tape, and sweep/block evidence makes this a notable bullish session for IBIT, though differing expirations and the presence of significant put volume suggest multiple strategies may be at play.