Notable Friday Option Activity: PII, BTDR, AXP

Unusually high options trading volumes were observed in Bitdeer Technologies Group (BTDR) and American Express Co. (AXP) today, representing approximately 93% and 90.9% of their average daily share volumes, respectively. Significant activity in BTDR's long-dated $20 call options suggests bullish sentiment or expectation of substantial future appreciation, while elevated volume in AXP's long-dated $320 put options indicates bearish positioning or downside hedging.

Analysis

Significant options market activity was observed in Bitdeer Technologies (BTDR) and American Express (AXP), with total contract volumes accounting for approximately 93% and 90.9% of their respective average daily share volumes. For BTDR, a notable concentration of 8,564 contracts traded in the December 19, 2025, $20 strike call options. This activity, equivalent to roughly 856,400 underlying shares, points towards a significant, long-term bullish bet on substantial price appreciation. In contrast, American Express saw elevated volume in its September 19, 2025, $320 strike put options, with 2,178 contracts traded. This positioning suggests investors are either establishing bearish outlooks or hedging existing long equity holdings against potential downside risk through late 2025. The long-dated nature of both high-volume trades indicates these are not short-term tactical plays but rather expressions of a strategic, longer-term directional view or risk management thesis.

Key Decisions for Investors

• Investors should interpret the substantial volume in long-dated BTDR call options as a signal of strong bullish sentiment, prompting an investigation into fundamental catalysts that could drive the stock towards the $20 strike.
• The notable activity in AXP's long-dated put options serves as a cautionary signal of perceived downside risk; current holders may consider reviewing their positions and evaluating protective hedging strategies.
• Given the unusual options flow, traders should monitor implied volatility and open interest in both BTDR and AXP to gauge whether this positioning is a precursor to increased price movement or a broader shift in market sentiment for these stocks.