Bitcoin’s surge toward $80,000 has prompted traders to put millions behind expectations of another rally, while options data shows they are still maintaining substantial protection against a potential decline, according to Laevitas.

On Monday, traders purchased 2,000 Bitcoin call options carrying an $82,000 strike price and expiring on Sept. 4, Laevitas data showed. The contracts are positioned to profit if BTC climbs above $82,000 before expiration.

The buyers paid approximately $2.9 million in option premiums. That is the most they can lose if Bitcoin fails to reach the strike price by expiration, while a stronger rally could deliver significantly larger returns.

The bullish options activity follows Bitcoin’s rapid seven-day climb from roughly $64,000 to around $80,000, representing an increase of about 25%, according to CoinDesk data.

The rally has been supported by the U.S. Treasury’s expanded bond-buyback plans, continued buying through spot Bitcoin ETFs and the liquidation of short positions as BTC moved higher.

Options Positioning Still Signals Caution

Despite the aggressive call buying, the wider options market on Deribit continues to reflect concerns about a possible pullback.

One indicator used to gauge this positioning is skew, which measures the difference between implied volatility for calls and puts. A negative reading typically indicates stronger demand for put options as traders seek protection against falling prices.

Laevitas data showed Bitcoin’s seven-day skew falling to -5.17% from +2.36%. Ethereum’s seven-day skew also declined, moving to -12.15% from +3.41%.

Laevitas said the increasingly negative skew points to strong demand for downside protection following Bitcoin’s explosive rally and its subsequent consolidation around the upper-$70,000 area. The firm said the options market was largely pricing in potential event-driven volatility later in the week rather than signaling a clear bearish reversal.

Although Bitcoin has since broken above $80,000, its seven-day skew remains negative. The positioning suggests traders are chasing further upside while simultaneously keeping hedges in place in case the rally reverses.