Donald Trump’s win last week was a shot in the arm for Wall Street. One of the surging sectors was cryptocurrency, as Bitcoin (BTC) broke out and sustained the torrid run this week, hurdling past $90,000 mark on Wednesday.
On Nov. 6 when the election was called, MARA Holdings Inc (NASDAQ:MARA) and MicroStrategy Inc (NASDAQ:MSTR) saw immediate pops in the options pits. Per data from Schaeffer’s Senior Quantitative Analyst Rocky White, MSTR and COIN cracked the top spots on his most active options table, which measures the past two weeks of trading.
MSTR saw 4.1 million calls and 2.4 million puts cross the tape over the past 10 days. Most popular during this time frame were the November 325 and 330 calls, with the latter seeing over 100,000 contracts opened. The average volume weight average price (VWAP) for the November 330 call came out to $11.41, over a volume of 18,000 contracts, which are set to expire on the day of this writing.
Also making its way onto the table was sector peer Coinbase Global Inc (NASDAQ:COIN). COIN has seen 3.1 million calls and 1.3 million puts traded over the past 10 days, with its most popular options being the November 300 and 350 calls, with over 188,000 contracts traded between the two. The November 300 call saw a volume of 16,000 contracts go for a VWAP of $0.84, during this time frame.
MicroStrategy and Coinbase Global stocks were last seen trading up 2.5% at $335.51 and up 5% at $292.92, respectively. Options traders on both equities have been extremely bullish, with MSTR’s bull traders likely to enjoy a nice profit upon today’s expiration. COIN bulls were looking for more growth, though there is still a chance for more chart improvement before the closing bell.
Both stocks are outperformers in the long term, too. COIN equity has charged 204% higher over the past 12 months, bouncing off recent support at the 50-day moving average and $180 level. MSTR has soared an enormous 586% since this time last year, with longstanding support at the 200-day trendline.
Both MicroStrategy and Coinbase stock have handled exemplary volatility expectations over the past 12 months. This is per their Schaeffer's Volatility Scorecard (SVS) ratings of 91 and 90 (out of 100), respectively.
It's unlikely the Bitcoin and broader crypto buzz will dull anytime soon. With three months until inauguration and plenty of positions left for Trump to fill, all eyes will be on how these choices might impact the world of digital currency.