GameStop tanks with huge volume in the call options owned by ‘Roaring Kitty’

A sell-off successful GameStop shares intensified successful day trading Wednesday, and that coincided with a spike successful trading measurement successful the telephone options that meme banal person "Roaring Kitty" owns.

The past clip Roaring Kitty, whose ineligible sanction is Keith Gill, disclosed his portfolio was Monday night, showing helium inactive owned 120,000 telephone options contracts with a onslaught terms of $20 and an expiration day of June 21.

GameStop calls with the nonstop onslaught terms and expiration traded a whopping 93,266 contracts Wednesday, much than 9 times its 30-day mean measurement of 10,233 contracts. The terms of these contracts dropped much than 40% during the session, portion the banal plunged 16.5%.

It is unclear if it was so Roaring Kitty down the ample volume, but options traders said helium could beryllium progressive fixed helium is specified a ample holder of those contracts.

GameStop, 1 day

Options traders person speculated that Gill would person to merchantability his calls anterior to expiration oregon rotation the presumption into different telephone enactment to debar having to rise a immense magnitude of currency to workout them connected June 21.

Wall Street has been watching for hints helium was unloading the presumption due to the fact that it could sound the terms of the stock.

For Gill to workout the calls, helium would request to person $240 cardinal to instrumentality custody of the banal — 12 cardinal shares bought astatine $20 apiece — which is much than helium has shown publically successful his E-Trade account.

CNBC's "Fast Money" volition beryllium discussing the GameStop determination astatine 5 p.m. ET.