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Traders spend $2.9M on bitcoin calls targeting a move above $82,000

The call purchases, tied to options expiring Sept. 4, reflect upside bets even as bitcoin options skew stays negative, signaling continued demand for downside protection.

Reported · Written up by our desk · Market Structure

Traders have placed $2.9 million in bitcoin upside exposure by buying call-option contracts with an $82,000 strike price that expire on Sept. 4, according to options-flow data cited by CoinDesk.

CoinDesk reports the trade effectively wagers that bitcoin, then trading near $80,000, will rise above $82,000 on or before the Sept. 4 expiry, with the $2.9 million premium representing the maximum amount at risk for the call buyers.

The backdrop for the options activity is bitcoin’s recent rally, which CoinDesk says lifted the cryptocurrency about 25% over a week to roughly $80,000, driven by a U.S. Treasury bond-buyback announcement, spot bitcoin ETF inflows, and short liquidations.

Even with the bullish call buying, CoinDesk highlights that negative options skew persists. It cited Laevitas data showing BTC’s seven-day skew at -5.17% versus +2.36% previously, with ETH’s skew also negative, indicating traders continue to bid for downside protection after the sharp run-up.

Latest closeBitcoin $80,690.63 ▲2.2%|Ethereum $2,506.97 ▲1.0%

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