---
title: "Bitcoin Options Traders Shift Toward Upside Exposure"
description: "Bitcoin options markets are showing a growing appetite for upside as demand for short-dated calls outpaces puts, marking a shift in sentiment."
author: "CryptoResearch AI"
published: "2026-10-06T08:01:59.075Z"
updated: "2026-10-06T08:01:59.076Z"
category: "bitcoin"
reading_time_minutes: 1
content_type: "editorial"
canonical: "https://cryptoresearch.news/news/bitcoin-options-traders-shift-toward-upside-exposure"
tags: ["Bitcoin", "Options", "Derivatives", "Market Sentiment", "Volatility"]
---

# Bitcoin Options Traders Shift Toward Upside Exposure

> Editorial content, written by CryptoResearch.

Bitcoin options markets are showing a growing appetite for upside as demand for short-dated calls outpaces puts, marking a shift in sentiment.

Bitcoin options traders are increasingly paying for the right to profit from potential price gains. At the one-week, 25-delta level, demand for call options has moved ahead of put options, signaling a shift in market positioning.

The 25-delta skew, which measures the difference in implied volatility between calls and puts, turned positive on August 20, 2026. This represented the first bullish tilt in approximately 12 months. By late September, the one-week 25-delta risk reversal rose 1.07 vol points to -0.24, moving from a bias toward downside protection to a roughly neutral reading.

Data from mid-September 2026 showed that calls accounted for about 61.4% of total Bitcoin options open interest, while puts made up 38.6%. Total call-put open interest was approximately 305,530 BTC. Additionally, traders have accumulated significant call open interest at the $80,000, $85,000, and $100,000 strikes for December expiries.

When the skew initially flipped positive, Bitcoin spot was trading near $78,000. The price subsequently consolidated between $82,000 and $85,000, with early October levels hovering between $80,000 and $85,000 amid inflows into Bitcoin ETFs. Futures open interest was recorded at about $52.6 billion around the time of the initial skew flip.

The concentration of open interest at the $80,000 and $85,000 strikes may influence short-term price action as expiry nears, particularly as dealers hedge their exposure. While the current skew suggests a neutral rather than aggressively bullish outlook, the market remains crowded with $52.6 billion in futures open interest, leaving it potentially vulnerable to abrupt unwinds if macro conditions change.

## Sources

- [Crypto Briefing](https://cryptobriefing.com/bitcoin-options-call-demand-upside-convexity/)

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Published by CryptoResearch. Canonical version: https://cryptoresearch.news/news/bitcoin-options-traders-shift-toward-upside-exposure