Market participants wager that Bitcoin will surge above $80,000.

Bullish momentum appears to be returning to the Bitcoin market, with traders increasingly positioning for a potential climb above the $80,000 level in the coming months.

Data from the on-chain options platform Derive.xyz suggests market participants are growing more optimistic about bitcoin’s outlook after earlier fears of a sharp downturn.

“Current options pricing shows roughly a 35% probability that BTC will move above $80K by the end of June,” said Nick Forster, founder of Derive.xyz, in an email. He added that improving derivatives market signals indicate many traders expect bitcoin to rebound toward the $80,000 level sometime between June and September.

Options are derivative contracts that allow traders to speculate on price movements while limiting risk to the premium paid upfront. In essence, they enable participants to bet on market direction without risking the full value of their holdings.

A call option represents a wager that prices will rise, while a put option allows traders to bet on declines and is commonly used as a hedge against market losses.

One of the most closely watched indicators in options markets is skew — the pricing difference between call and put options. When calls become more expensive than puts, it often signals bullish sentiment, while higher put premiums typically indicate demand for downside protection.

Recent data suggests sentiment has improved significantly. Bitcoin’s seven-day and 30-day options skews have recovered to about -6%, up from the steep -25% levels seen during the market turmoil in early February, when bitcoin briefly plunged toward $25,000.

The rebound suggests traders are scaling back their demand for protective puts, signaling greater confidence that the market may stabilize or move higher.

“Despite earlier fears of a catastrophic collapse in crypto markets, derivatives indicators suggest those concerns may have been exaggerated,” Forster said. “BTC skew — a key sentiment gauge in options markets — has climbed from roughly -25% to around +10%, reflecting a clear shift away from aggressive downside hedging.”

Data from the major crypto derivatives exchange Deribit shows a similar trend.

According to Forster, there has also been a noticeable increase in traders selling, or writing, put options across several trading venues. This strategy indicates traders are willing to assume downside risk in exchange for collecting option premiums, a position often associated with expectations of steady or rising prices.

At the time of writing, bitcoin was trading near $70,000, up about 5% for the month, according to market data.