Sentiment in the Bitcoin market has turned increasingly optimistic, with traders positioning for a possible rally above the $80,000 level in the months ahead.
Derivatives data from the on-chain options platform Derive.xyz indicates that many market participants are anticipating a recovery after earlier fears of a sharp downturn in the crypto market.
“Current options pricing shows roughly a 35% probability that BTC will trade above $80K by the end of June,” said Nick Forster, founder of Derive.xyz. He added that the recent improvement in options market indicators suggests traders expect bitcoin to move back toward the $80,000 level between June and September.
Options are financial derivatives that allow traders to speculate on price movements while limiting potential losses to the upfront premium paid for the contract. This structure enables investors to take directional positions without risking the full value of their capital.
A call option gives traders exposure to a potential price increase, while a put option allows them to bet on price declines and is commonly used as a hedge against market volatility.
One key metric traders watch is options skew — the price difference between call and put options. When call options trade at a premium to puts, it typically signals bullish expectations, while higher prices for puts suggest stronger demand for downside protection.
Recent data shows sentiment improving significantly. Bitcoin’s seven-day and 30-day options skews have rebounded to around -6%, recovering from the steep -25% levels recorded during the market panic in early February when bitcoin briefly dropped toward $25,000.
The rebound suggests traders are reducing demand for protective put options, indicating that fears of a severe market decline may be easing.
“Despite earlier concerns about a catastrophic crash in the crypto markets, derivatives indicators suggest those fears may have been overstated,” Forster said. “BTC skew — a key sentiment gauge in options markets — has climbed from roughly -25% to around +10%, signaling a notable shift away from aggressive downside hedging.”
Data from the leading crypto derivatives exchange Deribit shows a similar trend.
Forster also noted that traders have increasingly been selling, or writing, put options across multiple trading venues. This strategy allows traders to collect option premiums while accepting some downside risk, a positioning that typically reflects expectations of stable or rising prices.
At the time of writing, bitcoin was trading near $70,000, up roughly 5% so far this month, according to market data.
