Bitcoin Options Market Shows Increased Demand for Upside as Traders Favor Calls

Bitcoin options traders are increasingly favoring call options, which allow them to profit if prices rise. Recent data indicates that at the one-week, 25-delta level, demand for call options has surpassed that for put options, signaling a growing appetite for upside exposure in the market. This shift is reflected in the broader 25-delta skew, which turned positive on August 20, 2026, marking the first bullish tilt in approximately 12 months.

As of mid-September 2026, call options accounted for about 61.4% of total Bitcoin options open interest, while puts made up 38.6%. This trend continued with call options leading in trading volume during a 24-hour period around the initial bullish signal. By late September, the one-week 25-delta risk reversal rose to -0.24, indicating a shift from a preference for downside protection to a more neutral stance.

The spot price of Bitcoin was approximately $78,000 when the skew flipped positive, and it has since consolidated between $82,000 and $85,000. Strong inflows into Bitcoin exchange-traded funds (ETFs) have supported these price levels. Additionally, significant open interest has been noted at strike prices of $80,000, $85,000, and $100,000 for December expiries, suggesting these levels may attract attention as the expiry date approaches. Traders are advised to remain cautious, as a crowded market could lead to abrupt changes if macroeconomic conditions deteriorate.

© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: KLEA News