On January 17, 2025, trading activity for U.S. Bitcoin ETFs surged, with $IBIT recording over $1.2 billion in volume. Analysts noted a bullish crossover on the 10/20 simple moving average for $IBIT, suggesting potential upward momentum. Bitcoin's recent breakout has positively impacted related cryptocurrencies, including $IBIT. Notably, large buyers engaged in options trading, purchasing 20,000 February 14th $73 calls at prices ranging from $0.59 to $0.72, and 1,700 February 28th $60 calls at $4.12 to $4.37. Additionally, a significant call butterfly spread was observed, involving the purchase of 5,000 March $60/$80/$100 call spreads at $3.60, indicating expectations of a 30% rally in Bitcoin over the next two months. Implied volatility for $IBIT also surged amid this upward movement, with notable purchases of 10,000 February $63 calls at $3.05 and over 10,000 March $59 calls at $6.40.