Investor activity in Bitcoin-related securities has intensified this week, with notable large block purchases of $IBIT call options and put options indicating complex hedging strategies. Specifically, $IBIT saw large buys of 2,000 December $90 calls at $4.25, 5,000 June 2026 $30 puts at $1.64, and 4,400 September $55/$80 call spreads at $8.95. Adjustments were also made with 4,500 July $62 calls at $5.26 following earlier June $58 calls. Market observers suggest these moves point to a potential significant upside in Bitcoin volatility. Meanwhile, $MSTR, a key Bitcoin proxy stock, has experienced a decline of 5.5% over the past week and was down 7.2% on one trading day, despite growing bullish sentiment among retail investors. The stock's underperformance relative to Bitcoin is attributed to concerns over MicroStrategy CEO Michael Saylor's dilution plan and debates over leverage strategies. This bearish trend in $MSTR contrasts with $IBIT's 5.5% gain over the same period. Additionally, shifts in retail investor preferences have been noted, with some moving away from $MSTR toward other crypto-related stocks trading at higher multiples of net asset value. The situation echoes previous market dynamics observed with the Grayscale Bitcoin Trust (GBTC) premium and discount fluctuations.