Bitcoin’s sharp move toward $80,000 has prompted traders to spend millions on bets for another leg higher, although demand for downside protection remains strong, according to Laevitas.
On Monday, traders purchased 2,000 Bitcoin call options with an $82,000 strike price expiring Sept. 4, Laevitas data showed. The position would become profitable if BTC moves above $82,000 by the expiration date.
The traders paid roughly $2.9 million in premiums for the contracts. That premium represents their maximum potential loss if Bitcoin stays below the $82,000 strike through expiration, while a move above the strike could generate significantly larger returns.
The bullish options activity comes after Bitcoin posted a powerful weekly rally. BTC was trading near $80,000, compared with about $64,000 seven days earlier, representing a gain of roughly 25%, according to CoinDesk data.
The advance has been supported by several factors, including the U.S. Treasury’s expanded bond-buyback plans, continued demand for spot Bitcoin ETFs and the forced closing of short positions as prices moved higher.
Options Market Still Shows Caution
Despite the bullish call activity, the broader Bitcoin options market on Deribit continues to signal caution.
One key measure is options skew, which compares the implied volatility premiums attached to calls and puts. A negative reading generally points to stronger demand for put options, indicating that traders are willing to pay more for protection against a price decline.
Laevitas said Bitcoin’s seven-day skew dropped to -5.17% from +2.36%. Ethereum’s seven-day skew also weakened, falling to -12.15% from +3.41%.
According to Laevitas, the shift reflects aggressive buying of downside protection following Bitcoin’s rapid rally and its subsequent consolidation in the upper-$70,000 range. The firm said traders appeared to be preparing for potential event-driven volatility later in the week rather than positioning for an immediate market breakdown.
Bitcoin has since pushed above $80,000, but seven-day skew remains negative. The combination suggests that traders are positioning for further upside while continuing to hedge against the possibility of a sharp reversal.
