Regulatory filings show UBS increased bullish call-option exposure on BlackRock's IBIT from 80,000 to 1.95 million contracts quarter over quarter. Bearish exposure fell about 53%, and direct IBIT holdings rose about 12% to $13.6M.
Matters because: A major bank sharply raising bullish BTC exposure may signal growing institutional conviction, even if the filing doesn't say whether the flow was proprietary or client-driven.