3-12-2025 unusual Out of the money option trades

## Top Unusual Options Activity by Premium

**MSTR (MicroStrategy)**

- Total Premium: $15,917,920 with an extremely bullish 13.24 call/put ratio[1]

- Activity Details: A bullish calendar call spread targeting $365 price with 321% potential upside[3]

- Likely Catalyst: Investors are positioning for significant upside in this Bitcoin proxy stock, possibly anticipating Bitcoin price appreciation or a company-specific announcement. The target price of $365 represents a substantial premium to the current $293.05 price[3].

**GLD (SPDR Gold Trust)**

- Total Premium: $19,341,375 with a bullish 3.33 call/put ratio[1]

- Likely Catalyst: The heavy call activity suggests institutional investors are betting on continued gold price appreciation, possibly due to inflation concerns, geopolitical tensions, or as a hedge against broader market volatility.

**HYG (iShares High Yield Corporate Bond ETF)**

- Total Premium: $13,312,250, exclusively in puts (C/P ratio: 0.00)[1]

- Likely Catalyst: This completely bearish positioning suggests serious concerns about corporate debt markets. Investors may be anticipating credit deterioration, rising default rates, or Federal Reserve policy shifts that could negatively impact high-yield bonds.

**TSLA (Tesla)**

- Total Premium: $9,501,389 with a bearish 0.46 call/put ratio[1]

- Activity Details: A bearish call spread targeting $227.50 or below with 79% potential return[5]

- Likely Catalyst: The negative sentiment shown in the options flow suggests traders are positioning for a potential price decline ahead of quarterly deliveries report or related to competition concerns in the EV market.

**COIN (Coinbase)**

- Total Premium: $5,580,000, exclusively in puts (C/P ratio: 0.00)[1]

- Activity Details: A bearish calendar put spread targeting $190 with 134% potential upside[9]

- Likely Catalyst: The heavy put positioning suggests concerns about cryptocurrency market volatility, regulatory issues, or company-specific challenges. Current price of $209.93 would need to fall to the $190 target by March 21, 2025[9].

**PDD (PDD Holdings)**

- Total Premium: $5,664,215 with a bullish 3.97 call/put ratio[1]

- Activity Details: Traders purchased 146,180 call options, representing a 49% increase over typical volume[8]

- Likely Catalyst: This bullish positioning may be related to anticipated earnings strength, expansion plans, or positive developments in the Chinese e-commerce sector.

**APP (AppLovin)**

- Total Premium: $6,478,676, exclusively in calls (C/P ratio: ∞)[1]

- Likely Catalyst: This extremely bullish positioning suggests traders anticipate significant upside, possibly related to mobile advertising growth, gaming sector strength, or potential M&A activity.

## What Unusual Options Activity Indicates

Unusual options activity often serves as a leading indicator of future stock price movements[2]. When institutional investors make large options bets, they're typically positioning based on:

1. Non-public information (legal information advantage)

2. Upcoming catalysts like earnings, product launches, or regulatory decisions

3. Sophisticated analysis suggesting mispricing in the market

4. Hedging activity against large existing positions

The dramatic call-to-put ratios seen in stocks like MSTR (13.24) and the complete put positioning in COIN and HYG suggest particularly high-conviction views rather than routine hedging or speculation[4].

Citations:

[1] https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/35880/87c298ca-cfd4-4d5b-b6d4-6189b1e86535/2025-03-12T20-28_export.csv

[2] https://www.ainvest.com/news/unusual-options-activity-3-3-2025-decoding-market-signals-high-stakes-options-trading-2503/

[3] https://marketchameleon.com/articles/i/2025/3/5/23234-mstr-bullish-calendar-call-spread-with-321pct-upside

[4] https://www.benzinga.com/calendars/unusual-options-activity

[5] https://marketchameleon.com/articles/i/2025/3/11/23574-this-tsla-bear-call-spread-has-defined-risk-and-79

[6] https://longportapp.com/en/news/231277827

[7] https://marketrebellion.com/najarian-unusual-option-activity/

[8] https://www.marketbeat.com/instant-alerts/investors-purchase-large-volume-of-pdd-call-options-nasdaqpdd-2025-02-21/

[9] https://marketchameleon.com/articles/i/2025/3/7/23401-coin-bearish-calendar-put-spread-with-134pct-upside

[10] https://marketchameleon.com/articles/b/2025/3/6/bullish-on-GLD-you-might-want-to-consider-this-credit-put-spread-expiring-in-17-days

[11] https://marketchameleon.com/articles/i/2025/3/7/23391-mstr-bearish-calendar-put-spread-with-172pct-upside

[12] https://www.ainvest.com/news/unusual-option-trades-3-10-2025-alk-cah-rcl-hims-ferg-2503/

[13] https://marketchameleon.com/articles/i/2025/3/12/23600-tsla-credit-put-spread-is-attractively-offered-at-

[14] https://www.ainvest.com/news/unusual-option-trades-huge-deep-money-block-trades-option-cost-earning-3-6-2025-2503/

[15] https://www.nasdaq.com/articles/market-whales-and-their-recent-bets-tln-options

[16] https://marketchameleon.com/articles/i/2025/3/5/23187-pdd-bullish-calendar-call-spread-with-433pct-upside

[17] https://www.barchart.com/story/news/31352624/coinbase-coin-stock-trades-up-here-is-why

[18] https://marketchameleon.com/articles/b/2025/3/7/bullish-on-GLD-you-might-want-to-consider-this-credit-put-spread-expiring-in-21-days

[19] https://www.nasdaq.com/articles/microstrategys-options-frenzy-what-you-need-know

[20] https://news.futunn.com/en/post/54127338/ishares-iboxx-high-yield-corporate-bond-etf-options-spot-on

[21] https://www.moomoo.com/news/post/50150436/tesla-options-spot-on-on-march-7th-3-67-million