Bitcoin options traders are paying up for the right to profit if prices rise, and short-dated calls are now in favor. At the one-week, 25-delta level, demand for calls has overtaken demand for puts, according to Crypto Briefing's report.

What the options market is signaling

A call option pays off if Bitcoin rises, while a put pays off if it falls. The “25-delta” label refers to options that sit a moderate distance from the current price. Traders compare the implied volatility of 25-delta calls against that of 25-delta puts, and the resulting gap is known as the risk reversal, or skew. The metric is widely watched as a gauge of directional positioning in the Bitcoin options market. Because options positioning reflects paid-for premium rather than leveraged directional bets, analysts often read it alongside futures open interest and spot-market flows to gauge whether derivatives sentiment aligns with cash-market activity.

When puts cost more, the market is paying for crash protection. When calls cost more, traders are paying for exposure to a rally.

The broader 25-delta skew turned positive on August 20, 2026, the first bullish tilt in roughly 12 months and an end to a long put-heavy stretch in which downside protection commanded the premium.

The numbers behind the shift

By mid-September 2026, calls made up approximately 61.4% of total Bitcoin options open interest, with puts accounting for the remaining 38.6%. Data from Derive put combined call and put open interest at around 305,530 BTC. In 24-hour volume figures around the initial bullish signal, calls led puts.

In late September, a Derivasys snapshot showed the one-week 25-delta risk reversal rising 1.07 volatility points to -0.. A negative value of that size means puts still carry a modest premium over calls, so the reading moved from clearly favoring downside protection to roughly neutral within a single snapshot.

Further out on the curve, traders have stacked larger call open interest at the $80,000, $85,000, and $100,000 strikes for December expiries.

Spot price, futures, and ETF flows

Bitcoin spot was trading near $78,000 when the skew flipped positive. In the following weeks, the price consolidated in a range of $82,000 to $85,000. By early October, prices hovered between $80,000 and $85,000, supported by strong inflows into Bitcoin exchange-traded funds (ETFs). Those inflows give observers a cash-market counterpoint to the derivatives data, a way to check whether the paid-for upside in the options book is matched by actual buying in spot products.

Futures open interest reached about $52.6 billion around the time of the skew flip.

What this means for traders and investors

Large open interest at $80,000 and $85,000 sits close to where spot has been trading, meaning those levels could attract attention as expiry approaches. When dealers who sold those calls hedge their exposure, their buying and selling around popular strikes can influence short-term price action.

When calls become more expensive relative to puts, buying upside exposure gets pricier, while protection becomes relatively cheaper. For holders seeking to hedge, a market leaning toward calls can make downside protection more affordable than it was during the put-heavy stretch.

The Derivasys reading of -0.24 serves as a reminder that near-term skew was hovering around neutral rather than signaling strong bullish conviction. With futures open interest at about $52.6 billion, a crowded market can unwind abruptly if macroeconomic conditions sour.

Heading toward the December expiries, the measurable signposts are whether the one-week risk reversal pushes further into positive territory, how call open interest builds or unwinds at the $80,000, $85,000, and $100,000 strikes, and whether ETF inflows continue at their recent pace. Together, those readings indicate whether the positioning shift persists or fades.