Bitcoin options traders place $2.9 million bet on move above $82,000
After Bitcoin surges about 25% in a week to around $80,000, options traders are paying millions to extend bullish exposure into early September. The positioning comes even as broader derivatives indicators still show firm demand for downside protection across the crypto market.
Highlights
- Traders spent $2.9 million on 2,000 Bitcoin call options with an $82,000 strike, expiring Sept. 4, betting on further price gains.
- Bitcoin surged from roughly $64,000 to nearly $80,000 in a week, driven by U.S. Treasury bond-buyback news, ETF inflows, and short liquidations.
- Despite price rally, Deribit’s seven-day Bitcoin skew turned negative at -5.17%, indicating heightened demand for downside protection over bullish exposure.
Options positioning targets early September breakout
As reported by CoinDesk, citing Laevitas, traders spent $2.9 million on 2,000 Bitcoin call-option contracts with an $82,000 strike price that expire on Sept. 4. The trade is structured to profit if Bitcoin’s spot price rises above that level on or before expiry, while the premium paid represents the maximum possible loss if the token stays below $82,000.The buying follows a sharp advance in BTC, which is trading near $80,000 after rising from roughly $64,000 a week earlier. The recent move higher is linked to the U.S. Treasury’s bond-buyback announcement, continued inflows into spot Bitcoin ETFs and short liquidations that likely accelerate the rally.
Derivatives market still signals caution
Despite the aggressive upside wager, the broader options market on Deribit continues to reflect caution through negative skew readings, a metric that measures the volatility premium of calls relative to puts. Negative skew typically points to stronger demand for puts, or downside protection, than for bullish exposure.Laevitas says Bitcoin’s seven-day skew slips to -5.17% from +2.36%, while Ether’s skew falls to -12.15% from +3.41%. The platform says that pattern shows downside protection is being bid aggressively after a violent rally that stalls in the high $70,000 range, although Bitcoin has since pushed above $80,000 and the seven-day skew remains negative.
In our earlier article on the U.S. Treasury’s expanded bond-buyback effort, we outlined how officials were weighing funding options, including potentially tapping the Treasury General Account, and how that uncertainty was moving yields. We also noted that the same backdrop was unfolding alongside heightened U.S.–Canada tariff tensions, adding another layer of risk for broader markets.
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