Bitcoin’s brutal sell-off sparks a flurry of trading in related stocks, including one big bullish bet

bitcoin It rallied back above the $60,000 level on Friday, after falling below that key level for the first time since October 2024.

The world’s largest cryptocurrency has lost about 27% of its value in 2026 and is now about 50% below its all-time high. Despite the massacres, merchants do not step back from this area. iShares Bitcoin Trust ETF (IBIT) ranked among the 20 most popular options in the options market by volume and two of the 15 largest option trades by dollar amount Strategy And coinbase On Monday.

Each of these transactions painted a very different picture of where this market could go next.

In Michael Saylor’s Strategy, a trader sold 29,425 of the 125/180 call diagonal, collecting approximately $56 million in the process. Specifically, the trader sold 125 strike calls expiring on August 21 and used the proceeds to purchase the 180 strike calls expiring on June 18. This is an options strategy that is most profitable if Strategy shares fall and remain below $125 by the end of August. Ideally, you want both calls to end up worthless and you pocket the full credit.

The Bitcoin treasury company’s recent sale of its flagship crypto (for the first time in years) has spooked investors in both the company and the cryptocurrency world. But a top expert thinks a recovery is likely.

“In the face of the onslaught of AI narratives that undermine trust in traditional systems, Bitcoin remains the safest coin and its proof-of-work architecture has proven resilient,” Tom Lee said. BitMine president and head of research at FundStrat.

That resilience will be key to any crypto comeback and Monday’s other major crypto trade on Coinbase, where one trader bet nearly $21 million on a big comeback for the hard-hit exchange’s stock.

This trader also used a crossover strategy, selling 10,990 calls expiring June 18 for $4.9 million and buying 160 calls expiring August 21 worth $26 million. While this setup also provides profit from losing time, it is definitely a more bullish position as the trader hopes for longer-term purchases to gain value.

This trade takes advantage of the higher premiums on Coinbase to generate immediate income while also positioning the name higher for the long term. For August expiry calls to be profitable, the stock would need to rise above $183.40 per share, about 13% higher than Monday’s session.