Bitcoin Traders Turn Cautious, Eyeing $80K and $90K Puts Before Jobs Data
As the U.S. nonfarm payrolls report approaches, Bitcoin (BTC) traders are showing increased demand for put options, signaling caution about the cryptocurrency’s near-term price movement. According to options market data from QCP Capital, a Singapore-based crypto trading firm, traders are looking to hedge against potential downside risks by buying puts, or options to sell, at strike prices as low as $80,000 and $90,000.
With Bitcoin currently hovering around $97,000, the rising interest in these put options suggests a market worried that stronger-than-expected jobs data could lead to slower Federal Reserve rate cuts, ultimately weighing on BTC’s price.
“Heading into the nonfarm payroll report, we’re seeing continued interest in BTC 28FEB25 80K puts and BTC 21FEB25 90K puts, reflecting a generally cautious sentiment, though calls still dominate overall,” QCP Capital noted in a Telegram update.
The much-anticipated report, due at 8:30 a.m. ET (13:30 UTC) Friday, is expected to show a modest 170,000 increase in nonfarm jobs for January.
