Bitcoin options traders bet on price rally as calls surge in demand

Bitcoin options traders are increasingly betting on price gains, as demand for short-dated call options outpaces puts. The shift in sentiment is evident at the one-week, 25-delta level, where call options, paying off if Bitcoin rises, are now favored over put options, which benefit from price declines.

The 25-delta skew, a measure comparing the implied volatility of calls and puts, turned positive on August 20, 2026, marking the first bullish signal in about a year. By mid-September 2026, calls represented 61.4% of total Bitcoin options open interest, while puts accounted for 38.6%, with total open interest around 305,530 BTC. The 24-hour trading volume also showed calls leading puts.

In late September, the one-week 25-delta risk reversal rose to -0.24, moving from a clear downside bias to near neutrality. Longer-term, traders have accumulated significant call open interest at strikes of $80,000, $85,000, and $100,000 for December expiries. Bitcoin’s spot price hovered between $80,000 and $85,000 in early October, supported by robust inflows into Bitcoin ETFs and futures open interest reaching $52.6 billion.

Large open interest near $80,000 and $85,000 could influence price action as expiry approaches, as dealers hedge their positions. While the near-term skew is neutral, the market’s shift toward calls makes downside protection relatively cheaper. However, with high futures open interest, abrupt market unwinds remain a risk if macro conditions deteriorate.