Bitcoin options traders are increasingly adopting call spreads as BTC trades near the $80,000 level, seeking upside exposure while capping both cost and potential loss. A call spread involves buying a call option at a lower strike price and selling another at a higher strike, defining maximum profit and maximum loss from the outset.
Jean-David Pekelny, chief commercial officer at Deribit, said call spreads look attractive for September bullish positions, especially with key macro catalysts ahead, including Federal Reserve policy decisions and inflation data that could inject volatility.
Markus Thielen, founder of 10x Research, highlighted two potential structures: buying spot bitcoin while selling a $90,000 September call, or a more balanced $85,000/$95,000 call spread. The latter reduces net premium paid but caps upside at $95,000. Options data from CME and Deribit indicates open interest in call spreads has risen roughly 15% over the past month, signaling broader institutional and retail interest in defined-risk positioning.
Still, the setup carries important trade-offs: if bitcoin rallies sharply above the sold strike, gains are capped, and traders also face potential early assignment risk on the short leg, though European-style crypto options make this less common. Historical seasonality adds another cautionary layer; since 2013, bitcoin has posted an average September return of about -3%.
Overall, the trend reflects a maturing derivatives market that values capital preservation alongside upside participation, with traders using defined-risk structures to navigate macro uncertainty and seasonal headwinds.
