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Bitcoin Traders Bet $2.9 Million on a Move Above $82,000

The call position follows strong inflows into spot Bitcoin ETFs and a sharp price jump, while demand for puts on Deribit remains high.

By Zenz van der Wielen
• 2 min read
Bitcoin Traders Bet $2.9 Million on a Move Above $82,000

Key Takeaways

  • Options traders bought 2,000 Bitcoin call option contracts with a strike price of $82,000 and an expiration on September 4.
  • They paid a total of $2.9 million for the position, betting on a price above $82,000 by then.
  • The broader options market remains cautious, with strong demand for protection against a drop despite Bitcoin being above $80,000.

Bitcoin is once again drawing the attention of options traders. One or more traders bought 2,000 call option contracts on Monday with a strike price of $82,000 (€70,300) and an expiration on September 4. They paid a total premium of $2.9 million (€2.5 million), betting on a rise in the Bitcoin price above $82,000 (€70,300) by that date.

Big Bet on a Higher Price

The trade shows there is still strong demand for upside exposure after Bitcoin's rapid climb. BTC is currently around $80,000 (€68,600), after jumping from about $64,000 (€54,900) a week earlier. That is a 25% gain in seven days, according to CoinDesk data.

The recent move came alongside several factors in the market. The primary source pointed to the announcement of a bond buyback by the U.S. Treasury Department, continued inflows into spot Bitcoin ETFs, and short liquidations that may have helped speed up the rally. For European crypto readers, the key point is that flows like these often show how quickly sentiment in Bitcoin can shift when liquidity and derivatives trading come together. That fits with the broader rally, which was also supported by strong ETF inflows.

Options Market Remains Cautious

At the same time, the broader options market remains cautious. On Deribit, skew shows how much demand there is for puts compared with calls. A negative skew means traders are paying more for protection against a drop.

According to Laevitas, the seven-day skew for BTC fell to -5.17% from +2.36%. For ETH, it dropped to -12.15% from +3.41%. That suggests demand for downside protection is still strong, even though Bitcoin is now back above $80,000 (€68,600).

What This Signal Means

The combination of a large call position and a negative skew shows that the market is not sending one clear message. On one side, some traders are betting on more upside. On the other, protection against a pullback is still popular. That makes the options market a useful gauge of the mixed sentiment around Bitcoin right now.

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