Bitcoin trails stocks by most since 2019 as traders get their kicks elsewhere

Key points

• For the first time in weeks, options volumes in key crypto equities like the iShares Bitcoin Trust (IBIT) and Michael Saylor's Strateg y are shifting bearish, with put volumes outpacing calls on Tuesday, and more calls being sold than bought in MSTR and IBIT.
• In Strategy, almost 100,000 puts were likely bought, compared to under 37,000 calls, ThinkOrSwim data show.
• The most popular contract by volume according to SpotGamma: the 100-strike put expiring June 18 – a bet on new year-to-date lows..
• The sentiment also extended to options on crypto exchange Coinbase, where more than twice as many calls were sold as were bought on Tuesday.
• While it's hard to pinpoint one cause for recent crypto weakness, investors point to several possible reasons: Strategy selling its first bitcoin in four years on Monday, investors making room for upcoming IPOs, or even the growing popularity of alternative trading derivatives like 0-day...