The Bitcoin derivatives market has started sending a noticeably more optimistic signal.
Reuters reports that Bitcoin options have shifted toward a bullish skew for the first time in roughly a year, as traders increasingly position for higher prices toward the end of 2026. Some options activity is now focused on strikes around $80,000 and even $100,000.
At the same time, options tied to major Bitcoin ETFs have become a significant market of their own.
For example, IBIT options recently had roughly 7.8 million contracts of open interest, with calls exceeding puts.
This matters because options are not just bets on direction.
Large options positioning can influence the spot market through dealer hedging.
If market makers sell large amounts of calls, they may need to buy Bitcoin exposure as BTC rises. Depending on gamma positioning, that hedging activity can amplify price moves around heavily traded strikes.
But options sentiment can also be wrong.
A bullish skew tells us what traders are willing to pay for upside exposure — not that the upside will necessarily happen.
With Bitcoin still trading below $80,000 and macro uncertainty remaining high, the current setup is far from risk-free.
Do you monitor the options market when trading BTC?
And which indicators do you find most useful: implied volatility, put/call ratios, open interest, max pain, or dealer gamma positioning?