Bitcoin options flip bullish: $80K call $1.5B as ETFs flow, but dips risk persists

Bitcoin options traders are leaning more bullish as BTC stabilizes above $70,000. On Deribit, the $80,000 call has become the top open-interest strike with roughly $1.5B in contracts (and $85,000–$100,000 upside calls also show meaningful demand). This follows BTC’s rebound from early-week lows near $67,000. The catalyst is a temporary US–Iran ceasefire, which eased pressure on oil and risk assets, improving expectations for potential Fed rate cuts. However, Bitcoin options positioning shows caution: longer-dated downside hedges remain bid, and futures pricing is still defensive. Volatility and positioning signals are mixed. Glassnode points to implied volatility compression across the curve, but macro-driven repricing could quickly change options demand. CryptoQuant suggests stress is easing, yet buy pressure has not fully flipped to dominance. Gamma support sits around $69,000–$70,000, while overhead resistance is higher up. Institutionally, spot Bitcoin ETFs are strengthening: US spot ETFs are poised for their largest weekly inflow in five weeks (around $545.9M), and a new Morgan Stanley Bitcoin ETF reportedly attracted very large inflows quickly. Trading takeaway: Bitcoin options are pricing a higher upside ceiling ($80,000–$85,000, up to $100,000), but until spot demand broadens, traders should expect a “range with upside bias,” not a guaranteed breakout—dips remain possible.