<div id="readability-page-1"><div id="ArticleBody-InlineImage-108316809"><div><div><p>Traders work on the floor of the New York Stock Exchange.</p><p>NYSE</p></div></div></div><div><p><span id="SpecialReportArticle-QuoteInBody-1">Bitcoin<span><span id="-WatchlistDropdown"></span></span></span> is back above the $60,000 mark after falling below that key level for the first time since October 2024 on Friday. </p><p>The world's largest cryptocurrency has lost about 27% of its value in 2026, and it's now about 50% off its all-time high. Despite the carnage, traders aren't backing away from this space. The <span id="SpecialReportArticle-QuoteInBody-3">iShares Bitcoin Trust ETF (IBIT)<span><span id="-WatchlistDropdown"></span></span></span> was among the top 20 most popular tickers in the options market by volume, and two of the top 15 largest options trades by dollar amount were in <span id="SpecialReportArticle-QuoteInBody-4">Strategy<span><span id="-WatchlistDropdown"></span></span></span> and <span id="SpecialReportArticle-QuoteInBody-5">Coinbase<span><span id="-WatchlistDropdown"></span></span></span> on Monday.</p><p>Each of those trades painted a very different picture of where this market could be heading next.</p></div><div><p>In Michael Saylor's Strategy, one trader sold 29,425 of the 125/180-call diagonals, collecting about $56 million in the process. Specifically, the trader sold the 125-strike calls expiring Aug. 21 and used the proceeds to buy the 180-calls expiring June 18. It's an options strategy that is most profitable if Strategy shares drop and stay below $125 through August expiration. Ideally, you want both calls to expire worthless, allowing you to pocket the full credit.</p><p>The bitcoin treasury company's recent sales of the flagship crypto – its first in years – has spooked investors in both the company and the broader cryptocurrency world. But one top expert thinks a rebound is likely.</p><p>&#34;In the face of the onslaught of AI narratives undermining trust of traditional systems, bitcoin remains the soundest money, and the resilience of its proof of work architecture has been demonstrated,&#34; said <span id="SpecialReportArticle-QuoteInBody-6">BitMine<span><span id="-WatchlistDropdown"></span></span></span> chairman and FundStrat head of research Tom Lee.</p><p>That resistance will be the key to any crypto comeback, and to Monday's other marquee crypto trade in Coinbase, where one trader is betting about $21 million on a sizable comeback on the hard-hit exchange stock.</p><p>This trader also used a diagonal strategy, selling 10,990 June 18 expiration calls for $4.9 million and buying $26 million worth of Aug. 21 expiration 160-calls. While this setup also profits from time decay, it's a decidedly more bullish position as the trader is hoping the longer-dated calls appreciate.</p></div><p>This trade takes advantage of elevated premiums in Coinbase to generate immediate income, while positioning for a longer-term move higher in the name. For those August expiration calls to be profitable, the stock will have to move above $183.40 per share, or about 13% higher than where it was in Monday's session.</p><div><p>Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.</p></div></div>

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<p>Despite Bitcoin's 27% drop in 2026, trading activity in related stocks surged. In Strategy, a trader executed a bearish diagonal spread, betting on shares staying below $125. Conversely, another trader placed a bullish $21 million bet on Coinbase via a diagonal strategy, aiming for the stock to rise above $183.40 by August. These contrasting options positions highlight divergent market sentiments amid crypto volatility.</p>

- Bitcoin has climbed back above $60,000 after a significant drop but remains 50% down from its peak, losing about 27% of its value in 2026.  
- Despite recent sales by a major bitcoin treasury company causing unease, analysts like Tom Lee express optimism for a rebound, citing bitcoin's foundational resilience.  
- In options trading, significant bets were placed on both Strategy and Coinbase, indicating varied market sentiments, with a notable bullish position on Coinbase anticipating a price rise above $183.40 by August.

CNBC

Grayscale Bitcoin Trust BTC - ETF

Coinbase

Roundhill COIN WeeklyPay ETF

Leverage Shares 2X Long COIN Daily ETF

Bitwise Bitcoin ETF

GraniteShares 2x Long COIN Daily ETF

Fidelity Wise Origin Bitcoin Fund - ETF

GraniteShares 2x Short COIN Daily ETF

YieldMax COIN Option Income Strategy ETF

YieldMax Short COIN Option Income Strategy ETF

ARK 21Shares Bitcoin ETF

iShares Bitcoin Trust ETF

ProShares Bitcoin Strategy ETF

CoinShares Bitcoin ETF

Invesco Galaxy Bitcoin ETF

WisdomTree Bitcoin Fund

VanEck Bitcoin ETF

Franklin Bitcoin ETF

ETC Holdings Ltd. (Guernsey)

BOS HSK BTC

CAM BTC

MBC BTC

Proshares Ultra COIN

Leverage Shares 2x Cpd Acclrtd COINMnETF

Direxion Daily COIN Bull 2X ETF

GraniteShares YieldBOOST COIN ETF

Bitwise COIN Option Income Strategy ETF

Strategy

MicroStrategy Pref Shares MSTR 10.0 Perp

Microstrategy Inc Pref Shares STRC 9.0 Perp

MicroStrategy Pref Shares MSTR 8.0 Perp

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