The Bitcoin options market was a clear driver of upside leverage into the October 2025 rally, but positioning today looks vastly different than it did nine months ago. Bitcoin has done almost nothing since early June 2026, stuck in a frustrating range. In some ways, the last few months have felt more painful than any stretch of 2022; in 2022, there was always a buyer of last resort who showed up to turn things around, at least until his exchange blew up and the market finally bottomed in November of that year. Shortly after, Bitcoin entered a new bull market.
In this report, we analyze positioning in the Bitcoin options market, what traders have been buying, and whether options are currently cheap or expensive, along with how traders should use current volatility levels to position for the next move.
While our Trading Signals publication includes a weekly options report, this one may be of interest to everybody (Market Updates subscribers), as it covers the Bitcoin options market broadly while also drilling down to specific trade ideas.
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