Today's Options Unusual Activity Tracking
A total of 7 multi-leg directional structures were screened, and 5 were selected from 2 long and 2 short positions for analysis.
Long positions are concentrated in BTC leveraged stocks, uranium mining, and energy ETFs; short positions primarily target Tesla's medium-term direction and Bitmine's bearish view across expirations.
$Cameco(CCJ.US) · Dual Institution Relay Combination
Direction: Slightly Bullish (includes Sell Put for income)
Structure: Laddered Sell Put two-legs + Far-dated LEAPS Buy Call
Strike Price: Sell Put $85 / $111; Buy Call $135
Expiration: Sell Put short-to-medium term; LEAPS far-dated
Nominal Size: $1.59 million (Sell Put net credit $495k + LEAPS Call $1.1 million)
Pacing: Sold two Puts in 9 minutes → Added LEAPS Call after 102 minutes
🕵️♂️Interpretation: A classic "near-term income + far-dated directional speculation" relay by different institutions at different times. Underlying logic for the far-dated LEAPS: signed a $2.2 billion 9-year uranium supply contract with India in March, Scotia upgrade on 4/17, and William Blair initiated coverage with Outperform on 4/20—all pointing to continued uranium sector strength.
$SPDR Energy Select(XLE.US) · Stacked Call Three-legs
Direction: Slightly Bullish
Structure: Multiple near-the-money Call strikes in the same direction
Strike Price: Range of $59 - $61
Expiration: DTE16-30
Nominal Size: $697k
Pacing: Three concentrated trades within 17 minutes
🕵️♂️Interpretation: XLE is currently around $59. Simultaneous accumulation at three different strike prices = betting on direction rather than a single price level. Macro catalysts: SocGen warning oil could surge to $150/barrel and escalating Iran tensions. The energy sector is the only major sector that has stayed green throughout 2026.
$Tesla(TSLA.US) · Asymmetric Two-sided Dominance
Direction: Slightly Bearish (with tail Call retained)
Structure: Main Put position + Small Call for tail risk
Strike Price: Put $345 / Call $405
Expiration: Put DTE170 / Call DTE79
Nominal Size: $1.69 million (Put $1.43 million + Call $263k, 5:1 asymmetry)
Pacing: Put first, then small Call within 50 minutes
🕵️♂️Interpretation: TSLA Q1 earnings on 4/22 reported EPS of $0.41 vs. expected $0.30, a slight beat, but capex guidance raised to $25 billion sent the stock tumbling. Price dropped to around $373 on 4/23 (YTD -17%). Main Put position bets on continued medium-term decline, Call only retains upside tail probability—expressing "bearish but with a tail."
$BitMine Immersion Tech(BMNR.US) · Cross-expiration Buy Put Two-legs
Direction: Slightly Bearish
Structure: Multi-leg directional accumulation
Strike Price: $14 + $16
Expiration: DTE205 + DTE261
Nominal Size: $1.59 million
Pacing: Continuous buying over 66 minutes (viewed as two institutions relaying)
🕵️♂️Interpretation: BMNR is currently around $21.4, with Puts targeting 30-35% downside. Bullish catalysts: NYSE uplisting on 4/9 + announcement of $4 billion buyback on 4/15 + holding 4.875 million ETH (3.98% of circulating supply). However, the bearish bet is based on dilution concerns (filed for 501k share secondary offering on 4/29) and potential contraction of crypto beta's high premium.
Next key time nodes to watch
BMNR: May crypto asset management monthly report + BTC/ETH price trend; the DTE16 $162.5 Call is most sensitive to the first realization window in mid-May.
CCJ: Whether uranium price can break $80/lb in May + June Canadian uranium shipment data.
XLE: Early May OPEC+ meeting + Middle East geopolitical escalation window.
TSLA: May 16th Shanghai plant monthly deliveries + Optimus Q2 progress update.
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