Bitcoin traders who missed the initial climb toward $80,000 are turning to structured options strategies that offer defined-risk exposure for the next potential leg higher in prices, according to industry experts cited by CoinDesk.
Market Context
The world's largest cryptocurrency by market capitalization is on track for its biggest monthly gain since 2024, with BTC recently trading around $79,672.47. The surge has attracted renewed interest from both institutional and retail participants seeking exposure without assuming unlimited downside risk.
September historically presents a challenge for bitcoin holders. Since 2013, the month has averaged a negative 3% return, according to data from CoinGlass—a pattern that traders are actively working to hedge against as they position for continued upside.
Analysis
The strategy gaining traction among experts is known as a call spread, which involves buying the right to purchase BTC at a given strike price while simultaneously selling the right for someone else to buy it at a higher strike. This structure caps both upside and downside, making it attractive for risk-managed positioning.
"Long call spreads allow traders to buy the cheaper wing of a skew leading toward downside puts, capturing potential post-expiry upside while maintaining defined risk ahead of Fed and inflation catalysts," Jean-David Pequignot, chief commercial officer at Deribit—the world's largest crypto options exchange by volume and open interest—told CoinDesk.
Markus Thielken, founder of 10x Research, also favors this approach. "Buy BTC and sell $90,000 September calls against it. Because of higher implied volatility, the premium brings in yield, which also lowers your risk. An alternative is the 85/95 September call spread," he said.
The mechanics are straightforward: maximum profit equals the difference between strike prices minus the initial premium paid for the spread, while maximum loss is limited to that initial premium—providing a clear risk framework that appeals to both institutional desks and sophisticated retail traders.
BlackRock recently cited U.S. fiscal issues as a major bullish tailwind for assets like BTC and gold, supporting the constructive medium-term outlook underlying these strategies.
Key Numbers
- Bitcoin recent price: $79,672.47 (approaching $80,000 level)
- September average return since 2013: -3% historically
- Call spread example strikes mentioned by experts: $85,000/$95,000 and $80,000/$90,000
- BTC's current monthly gain trajectory: on track for largest since 2024
What to Watch
Implied volatility dynamics will be critical in the coming weeks. Bitcoin's 30-day implied volatility index (BVIV) has surged alongside spot prices, indicating elevated demand for options as traders position for further moves.
According to Deribit data, institutional players have been accumulating longer-dated put options to hedge against potential price slides, while short-term traders are loading up on calls to capture the ongoing rally. This divergence in positioning suggests bifurcated expectations across time horizons.
Fed and inflation catalysts remain key macro drivers to monitor as September approaches, with call spread structures offering a way to maintain exposure without leaving portfolios fully exposed to historical September weakness.