Yesterday was big for cryptocurrencies as Elon Musk and Jack Dorsey spoke publicly about Bitcoin. The event also triggered a wave of bullish options activity in Dorsey’s payments company, Square. Most of the volume focused on the short-term 23-July 255 calls. Buyers piled in shortly after the open for $1.25 to $1.80. Transactions continued throughout the morning as SQ rose, lifting premiums above $3 by 10:04 a.m. ET. They peaked at $4.80 in the mid-afternoon. More than 54,000 contracts changed hands overall, about 30 times previous open interest at the strike. Buyers also piled into the 23-July 250 and 23-July 260 ... (full story)