The Defiance Daily Target 2X Long MSTR ETF, trading under the ticker MSTX on Nasdaq, seeks to deliver two times or 200% of the daily performance of MSTR's share price.
Trading volumes in options tied to the ETF blew up, with market participants piling into the deep out-of-the-money (OTM) higher strike call option at $230, according to data tracked by analytics platform ConvexValue.
The extreme bullish sentiment is consistent with the MSTR options market, where calls recently traded at a record premium relative to puts usually used to protect against price slides.
With bitcoin (BTC) on the run toward the $100,000 mark, traders are using options tied to an already leveraged 2x long exchange-traded fund (ETF) to amplify gains.
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