CNBC reported that as the sell-off in U.S. Treasuries continues, a few options traders are starting to bet on a bottom for U.S. bonds. On Wednesday, call option trading volume for the iShares 20+ Year Treasury Bond ETF (TLT) was well above its 30-day average, with traders buying nearly 370,000 call options and selling fewer than 100,000 put options, indicating they believe the risk-reward for betting on rising yields is not favorable. Jim Perry, founder and CIO of Perry International Capital Partners, stated that demand for the 10-year Treasury auction was very strong, and yields may be peaking. The 30-year Treasury auction, scheduled for 1 PM ET this afternoon, will be another key test.