Bitcoin Puts Surge as Traders Prepare for Jobs Report Impact

Bitcoin (BTC) traders are turning to put options, betting on potential price drops as the U.S. nonfarm payrolls report approaches. The surge in demand for puts—contracts that give traders the option to sell bitcoin at a set price—signals a cautious market outlook, according to data from QCP Capital, a Singapore-based options firm.

Currently, with bitcoin priced around $97,000, the growing interest in put options for $80,000 and $90,000 strikes suggests traders are hedging against the possibility of stronger-than-expected jobs data. Such a report could challenge the narrative for future Federal Reserve interest rate cuts and, in turn, lead to a drop in bitcoin’s value.

“As the nonfarm payrolls report nears, there’s noticeable interest in BTC 28FEB25 80K puts and BTC 21FEB25 90K puts, signaling ongoing market caution despite the overall preference for calls,” QCP Capital shared via a Telegram broadcast.

The U.S. Bureau of Labor Statistics is anticipated to report that the economy added 170,000 jobs in January. The data, set for release at 8:30 a.m. ET (13:30 UTC), will be closely watched for signs of economic strength.