Bitcoin Options Traders Stake $2.9M on a Fast Breakout Above $82K

Bitcoin’s climb toward $80,000 has encouraged traders to spend millions on bullish options, although the derivatives market continues to show strong demand for protection against a potential pullback, according to Laevitas.

On Monday, traders purchased 2,000 BTC call options with an $82,000 strike price and a Sept. 4 expiration, Laevitas data showed. The trade effectively places a bet that Bitcoin will move above $82,000 before the contracts expire.

The options buyers paid about $2.9 million in premiums. That amount represents the maximum potential loss if BTC remains below the strike at expiration, while a larger move above $82,000 could generate considerably higher returns.

The bullish positioning follows Bitcoin’s sharp rally, with BTC rising from around $64,000 a week earlier to roughly $80,000. That represents a gain of approximately 25% in seven days, according to CoinDesk data.

The latest advance has been linked to several catalysts, including the U.S. Treasury’s expanded bond-buyback plans, continued inflows into spot Bitcoin ETFs and the liquidation of bearish short positions as prices climbed.

Bitcoin Options Show Traders Are Still Hedging

While traders are betting on higher prices, the broader options market on Deribit continues to reflect caution.

Market participants often use options skew to measure relative demand for calls and puts. When skew turns negative, it generally indicates that traders are paying more for put options to protect against downside moves.

According to Laevitas, Bitcoin’s seven-day skew fell to -5.17% from +2.36%. Ethereum’s seven-day skew also dropped sharply, moving to -12.15% from +3.41%.

Laevitas said the move toward negative skew reflected heavy demand for downside protection after Bitcoin’s rapid rally and subsequent pause in the upper-$70,000 range. The firm said traders appeared to be preparing for heightened event risk later in the week rather than betting outright on a broader market breakdown.

Bitcoin has since pushed through $80,000, but its seven-day skew remains negative. The positioning suggests traders are looking for additional gains while continuing to hedge against the possibility of a sudden reversal.