To The Moon

Last week, a mysterious trader who made waves with a bold $150 million options bet on China has turned a massive profit—how much exactly? Let’s break it down.

Starting on November 29, the trader spent three consecutive days buying YINN call options expiring in January 2026 with a strike price of $27. Over those three days, he/she purchased 98,200, 38,800, and 15,300 contracts respectively, totaling approximately 152,300 contracts.

Based on purchase prices between November 29 and December 3, their average cost was around $9.5-$9.8 per contract, amounting to an investment of about $150 million.

On December 2, another major trade was executed, this time in CHAU options expiring in May 2025 with a $15 strike price. The trader bought about 200,000 contracts at an average price of approximately $2.5, spending $50 million.

These trades represent a combined $200 million bet on bullish positions in Chinese leveraged ETFs. The size of these trades, especially in at-the-money options on leveraged ETFs, is highly unusual.

As of last trading day, the YINN and CHAU call options surged 47% and 42%, respectively, netting the trader a $100 million profit overnight.

What’s Next?

The critical question now is when the trader will close or roll over these positions.

Currently:

• The open interest for the YINN January 2026 $27 call remains high about 180,000 contracts.

• The open interest for the CHAU May 2025 $15 call is still at 210,000 contracts.

Since both positions are now deep in-the-money, rollovers may occur soon. Keep an eye on changes in open interest for clues.

Additionally, on Friday, another large trade in YINN options was noted:

• A December 20 call option with a $33 strike price saw a trade of 41,900 contracts at $1 each. The trader made an overnight profit of $10 million from this position.

  

Stay alert for any changes in these positions—they could provide key insights into the next big move!