Optimism is returning to the Bitcoin derivatives market, with traders increasingly positioning for a possible move above $80,000 in the months ahead.

Data from the on-chain options platform Derive.xyz suggests many market participants expect bitcoin to recover toward the $80,000 level between June and September as sentiment improves following earlier market fears.

“Current options pricing shows roughly a 35% probability that BTC will reach above $80K by the end of June,” said Nick Forster, founder of Derive.xyz. He added that the recent improvement in options market indicators, including skew, reflects growing confidence among traders.

Options are derivative contracts that allow traders to speculate on price movements while limiting potential losses to the premium paid upfront. This structure allows participants to take directional bets without risking their entire trading capital.

Call options are typically used to bet on rising prices, while put options allow traders to wager on declines and are often used as protection against downside risk.

One key metric closely watched by traders is options skew — the price gap between call and put options. When calls trade at higher premiums than puts, it usually signals bullish sentiment, while more expensive puts indicate stronger demand for downside protection.

Recent data shows a significant shift in market sentiment. Bitcoin’s seven-day and 30-day options skews have improved to around -6%, a sharp recovery from the -25% levels recorded during the market panic in early February when bitcoin briefly dropped toward $25,000.

The rebound suggests traders are reducing their reliance on protective put options, indicating that fears of a major market downturn may be easing.

“Despite earlier concerns about a catastrophic crash in the crypto markets, derivatives data suggests those fears may have been overstated,” Forster said. “BTC skew — a key sentiment gauge in options markets — has moved from roughly -25% to around +10%, showing a clear shift away from aggressive downside hedging.”

A similar trend is visible on the major crypto options exchange Deribit.

Forster also noted that traders have increasingly been writing, or selling, put options across several trading venues. This strategy allows traders to collect premiums while taking on downside risk and is generally associated with expectations that prices will remain stable or trend higher.

At the time of writing, bitcoin was trading near $70,000, up about 5% for the month, according to market data.