Bitcoin’s options market is pointing to range-bound trading rather than a dramatic breakout or crash, with traders collectively betting on stability between roughly $85,000 and $100,000. What the flows show - Heavy put selling clustered at the $85,000 strike has created a strong downside buffer. Market maker Wintermute notes the $85k put is the second-most popular option across all expiries, with notional open interest north of $2 billion. On Deribit, where one contract equals one BTC, that means a big position size concentrated at that level. - At the same time, many holders are writing calls around $95,000–$100,000 — a classic “overwrite” strategy that generates premium income but caps upside. The $100k call currently has the largest notional open interest at about $2.37 billion. Why that matters Put sellers implicitly signal confidence that BTC won’t collapse below $85k in the near term. If price approaches that level, those sellers may buy spot or futures to hedge, which can create a price floor. Conversely, call sellers faced with a rally toward $95–100k could sell spot to meet obligations, adding supply and making a clean breakout into six figures harder. “Strong put-selling support around 85k (then 80k/75k as secondary buffers), while call overwrites cap upside around 95k–100k. Vol is being harvested inside this band,” Wintermute Desk Strategist Jasper De Maere said in an email. Volatility harvesting: the mechanics Traders selling puts and calls collect premiums up front. If Bitcoin drifts sideways and implied/realized volatility falls, those options tend to decay in value and expire worthless — allowing sellers to keep the premiums. This “volatility harvesting” strategy profits from low movement rather than big directional bets. The market backdrop Deribit activity and large open interest concentrations at these strikes suggest the market is currently pricing a wide, but contained, trading range. At press time BTC was trading around $87.4k (CoinDesk), squarely inside the band defined by these options flows. Bottom line Rather than signaling a runaway rally to six figures or a steep drawdown, the options market is indicating a period of premium collection and range-bound trading between roughly $85k and $100k — with traders on both sides creating the conditions that could keep volatility contained. Read more AI-generated news on: undefined/news

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