Bitcoin Options Traders Go Bullish for First Time in 12 Months

Bitcoin derivatives traders have turned bullish for the first time in 12 months, according to Derive data cited by Reuters. Traders are now paying more for upside calls than protective puts, a shift that signals a change in sentiment. This is evident from the 25-delta skew, which turned positive on August 20, indicating that traders are no longer paying a premium for crash insurance.

The open interest in Bitcoin futures has increased to $52.64 billion, with calls representing 61.39% of options open interest and puts at 38.61%. The largest positions are parked at $80,000, $85,000, and $100,000 on Deribit, a platform that offers options trading.

Deribit's max pain level sits near $72,000, with roughly $15 billion in notional value attached to this date. The December positioning puts about $710 million at the $80,000 strike and $530 million at $100,000. Binance holds the largest slice of open interest, followed by CME, Gate, Bybit, and MEXC.

The derivatives market has placed billions of dollars around where Bitcoin might go next, but the contracts cannot make Bitcoin go there. Positive skew is sentiment, not a crystal ball, and $100,000 calls can be cheap lottery tickets rather than ironclad predictions.