The S&P 500 has barely moved in five days, but crypto assets are gaining some momentum in the background. Bitcoin jumped on Tuesday to hit its highest level since mid-June.

Could this be the comeback crypto bulls have been waiting almost a year for? Options traders in stocks tied to the digital asset class seem to think so, piling into calls in the iShares Bitcoin Trust ETF (IBIT), Michael Saylor’s Strategy, and most of all – trading platform operator Coinbase Global.

Shares of Coinbase rallied roughly 11% to trade around $178 Tuesday after dipping below $150 earlier this month, a level the stock has tested and held multiple times since early 2024….