As Bitcoin (BTC) breaks above the $80,000 threshold for the first time, industry experts are recommending a risk-controlled options strategy—the bull call spread—to navigate the current entry landscape. This approach aims to strike a balance between upside potential and downside protection amid the post-80K rally.
Deribit Chief Commercial Officer Jean-David Péquignot highlights the appeal of this strategy ahead of Federal Reserve policy shifts and inflation data. Long-dated call spreads, he notes, allow traders to capitalize on lower-cost opportunities within a put-skewed price environment, while still serving as an effective mechanism for capturing upside gains through September.
One critical observation is that puts—used to hedge against downside moves in Bitcoin—remain relatively expensive at present. Should the price reach the $90,000 level, risk exposure could shift dramatically. 10x Research founder Markus Thielen suggests a tactical play: buy Bitcoin while selling September $90,000 calls, leveraging high implied volatility to reduce overall risk. Alternatively, a September 85,000/95,000 call spread is presented as another viable option.
Adding a macro perspective, BlackRock points out that U.S. fiscal concerns are proving favorable for assets like Bitcoin and gold, with both potentially on track for their largest monthly gains since 2024. However, historical data from Coinglass, compiled by Woofun AI, indicates that September has averaged a negative 3% return since 2013, giving the month a slightly bearish historical tilt.
Since August 15, both Bitcoin spot prices and the 30-day implied volatility index (BVIV) have climbed in tandem, signaling a growing demand for options. Implied volatility, a key derivative metric, is driven by market demand. Deribit data reveals that institutions are purchasing longer-dated puts to safeguard against downside risks, while short-term traders are actively buying calls to profit from the ongoing price rebound.
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