A bold bet on BlackRock's spot bitcoin BTC ETF (IBIT) crossed the tape Tuesday, suggesting expectations for a "moonshot" or rapid price surge in the world's largest publicly listed fund by month-end.

On Tuesday, a trader picked up 3,000 contracts of the IBIT $77 strike call option expiring on June 27, according to data source Barchart.com. The trader paid a total premium of $39,000 for the bullish exposure.

A call option gives the purchaser the right, but not the obligation, to buy the underlying asset at a predetermined price on or before a later date. A call buyer is implicitly bullish on the market.

The $77 strike call represents a bet that prices will cross that level before the expiry. In other words, the bitcoin-tracking ETF, which closed Tuesday at $60.40, is expected to rally by

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