At 9:49 am this morning a single order hit the tape in Bitdeer, and it wasn’t small.
30,000 call contracts, the June 26 strike at $16.50, around $1.55 apiece.
That’s a $4.5 million bet in one print, which tells you right away this isn’t a mom and pop order.
But the size isn’t what got my attention.
It’s how they bought it.
The market in those calls was 95 cents bid, $1.65 offered.
A patient buyer sits on the bid and waits. This one didn’t wait. They reached up and paid near the offer on all 30,000 contracts, and you only do that when you want the position on right now and a nickel doesn’t matter to you.
That urgency is the tell.
We can’t just say a stock looks interesting, we have to show why. So here’s what’s underneath it.
Bitdeer has 23% of its float sold short, with a short ratio of 8.6 days, meaning it would take the shorts almost nine sessions of normal volume to buy their way out.
The stock trades six or seven million shares against a 124 million float. That’s a very small door for a very crowded room.
Now put the call buying on top.
The dealers who sold those 30,000 calls are short, and to stay neutral they have to buy stock as the price climbs, which pushes it higher and forces them to buy more.
That’s a gamma squeeze, and it’s mechanical, not emotional. The dealers aren’t buying because they like Bitdeer, they’re buying because the math makes them.
A short base that has to cover into strength, a dealer base that has to buy into a rally, both leaning on the same small door.
And the market noticed.
Bitdeer trades about 17,000 option contracts on an average day. By 2 p.m. today it had traded 267,000.
That is roughly 16 times normal, the crowd piling in behind a bet that one institution made hours earlier, at 9:49 in the morning.
Here’s what that was worth.
Those calls were $1.55 when the block printed. By 1:49 this afternoon they were $2.90. They nearly doubled in four hours, and the stock only had to move from $15 to $17.50 to do it.
That’s the difference between seeing the trade the moment it prints and reading about the move tomorrow.
That’s the entire idea behind the Block Hunter Console.
We see the trade, link it to the short interest, and act on it while it’s still developing, not after.
If you want to see these the moment they hit the tape, that’s what we do every day inside the Block Hunter Console. I’ll show you exactly how to read them.
Come find these setups with us in the Block Hunter Console.
— Brandon Chapman
