Options players are betting on a continued spike in interest rates via the TBT:

TBT – ProShares UltraShort 20+ Year Treasury ETF – With today’s comments from Fed chairman Bernanke sending bond prices spiraling, investors have targeted call options on the inverse exchange traded fund, TBT, to target a continuation in the move. Likely investors expect further normalization in the yield curve as the discussion on a tighter policy stance expands. As bond yields have fallen during the recent four months, the price of this ETF has slipped from near $60 per share to $42. Today its price stands at $46.14 for a 4.8% gain. Note that the fund focuses on the 20-year area of the yield curve and is double leveraged, which account for today’s sharp price movement. Investors targeted call options in expectation of a further move and used October calls up to the 49 strike to play that move. They also bought calls at the 46 through 50 strike prices.

Source: IB