In late April we had tried a trade in the IBIT June Puts, consistent with a leg down expected in Bitcoin. It was subject to a 50% hard stop in early May, well before a downturn could materialize. Bitcoin is finally breaking down and those June $40 Puts may still wind up being big winners, but for now, let's enter new $40 puts, one month further out via the July 17th expiration. Note: this is the same position now being held in the Premium Service. BTC IBIT IBIT July Puts IBIT Jun $40 Put If still holding, its worth a roll of the dice, as IBIT just needs to decline a few percent for these Jun $40 puts to be in the money.
