Bitcoin Traders Bet $2.9M on a Break Above $82,000

Traders are committing millions of dollars to bets that Bitcoin can extend its recent surge, even as demand for protection against a potential pullback remains elevated, according to Laevitas.

Bitcoin’s sharp climb toward $80,000 has encouraged traders to increase their exposure to potential further gains.

On Monday, traders purchased 2,000 Bitcoin call options with an $82,000 strike price and a Sept. 4 expiration, according to market data from Laevitas. The position profits if BTC moves above $82,000 by the time the options expire.

The trade is similar to paying for a high-upside opportunity with limited downside. Buyers spent about $2.9 million on premiums, which represents the maximum loss if Bitcoin fails to exceed the $82,000 strike before expiration.

The bullish options activity comes after Bitcoin posted a major weekly advance. BTC was trading near $80,000, up from around $64,000 a week earlier, representing a gain of roughly 25% over seven days, according to CoinDesk data.

Several factors have supported the rally, including the U.S. Treasury’s expanded bond-buyback plans, continued inflows into spot Bitcoin ETFs and liquidations of bearish positions that helped accelerate the upward move.

Traders Still Seek Downside Protection

Despite the bullish call buying, activity in Deribit’s multibillion-dollar Bitcoin options market continues to show signs of caution.

One indicator traders watch is options skew, which measures the difference between the implied volatility premium for calls and puts. Negative readings generally indicate stronger demand for puts and protection against falling prices.

Laevitas data showed Bitcoin’s seven-day skew falling to -5.17% from +2.36%. Ethereum’s seven-day skew also turned more negative, dropping to -12.15% from +3.41%.

Laevitas said the shift indicated aggressive demand for downside protection following Bitcoin’s sharp rally and subsequent pause around the upper-$70,000 range. The firm said options markets were pricing in increased event risk later in the week rather than signaling a broader breakdown.

Bitcoin has since moved above $80,000, but its seven-day skew remains negative. That suggests traders continue to pay attention to downside risks even as bullish bets for further gains remain active.