Would you offer insurance when you expect low odds to make a requirement? Most likely you would while pocking the prize without another thought. Bitcoin (BTC) dealers do something similar in the derivative exchange-listed BTC Option market that suggests Bullish Price expectations.

Recently, an increasing number of dealers have sold (writing) BTC put options, compared to giving insurance against price falls in exchange for a small premium in advance.

They implement this strategy in a cash-proof way by having a similar amount in stablecoins, which ensures that they can buy BTC if the market falls and the Put buyer decides to exercise his right to sell BTC at the predetermined higher price.

This strategy allows dealers to collect prizes (paid for by Put buyers) while potentially accumulating Bitcoin if the settings are exercised. In other words, it is the expression of a long -lasting bullish atmosphere.

“There is a remarkable increase in cash-proof put sales using stableecoins-a different sign of a more mature, long-term approach to BTC accumulation and a continued expression of bullish mood,” Deribit’s Asia Business Development Head Lin Chen told Coindesk.

Chen said that BTC holders also sell options for higher strike calls to collect prizes and generate additional yields on top of their coin stash, which weighs over Deribit’s DVOL index, which measures the 30-day BTC involves volatility. The index has fallen from 63 to 48 ago Panic from April 7, selling in BTC to $ 75K, according to Data from Charting Platform TradingView.

“We observe that investors remain long-term Bullish at BTC, especially among crypto-native” holders “who are willing to keep through market cycles,” Chen said.

Bitcoin’s price has risen to over $ 92,000 since the early month slides to $ 75,000, allegedly on the back of the garden -demand and renewed institutional adoption narrative.

The sharp price recovery has seen BTC options risk -backs reset to imply a bias for call options across time frames, according to data source Amberdata. Over the past two days, dealers have specifically snapped calls to Strike $ 95,000, $ 100,000 and $ 135,000 via the over-the-counter tech platform paradigm. From writing, the $ 100,000 strike call was the most popular option game on abandoned with a nominal open interest of over $ 1.6 billion.

9 billion dollars in Delta

How important it is to track streams in the market for the options can be explained by the fact that the cumulative Delta in Deribit’s BTC settings and options tied to the US noted Blackrock spot Bitcoin ETF (Ibit) and its peers were $ 9 billion from Wednesday, according to data traced by Volmex.

The data indicates increased sensitivity of opportunities for changes in BTC’s price, which suggests the potential of award volatility.

Delta, one of the measurements used by sophisticated market participants to control risk, measures how much the price (premium) for an option contract is likely to change in response to $ 1 chance in the price of the underlying asset, in this case BTC.

So the $ 9 billion cumulative DELTA represents the overall sensitivity to all excellent BTC and Bitcoin ETF settings at changes in the spot price. From Wednesday, the total nominal value of all outstanding options was $ 43 billion.

Such large data or sensitivity to price fluctuations in the underlying asset means that market manufacturers and dealers actively participate in cover strategies to mitigate their risks. Market manufacturers, or those who have the mandate to give order book liquidity, are known to add price volatility through their constant efforts to maintain a netorinutral exposure.

“OPTION Deltas has risen to record levels as open interest grew, and strike -Deltas changed significantly. OPTION Market producers are actively heading for this Delta exposure, driven by significant new positions and remarkable changes in strike prices,” noted Volmex on X.

According to Volmex, crypto-native options over abandoned are placed more bullish than the trading options associated with Ibit.