Recently, options traders have been betting on Bitcoin prices continuing to rise, and this signal is quite interesting. Bitcoin's USD price recently broke through 81k, and although volatility seems calm, market demand for low-cost bullish bets is quietly increasing.

Traders are playing a strategy called "call ratio spread"—buying call options that profit from slight increases in price while selling call options that only get exercised during sharp surges, resulting in almost zero initial cost. As long as Bitcoin's price gradually rises without explosive breakthroughs, they can steadily profit. A market maker affiliated with Nomura Securities pointed out that funds are positioning in this type of strategy.

Other major cryptocurrencies show mixed performance: Ethereum around $2.34, Ripple at $1.48, Solana up to $97.32, Dogecoin at $0.11. Interestingly, although tensions in the Middle East remain high, the market's reaction to geopolitical events seems to be weakening, with more focus shifting to sentiment changes in the options market.

The key is to watch the risk reversal indicator; if Bitcoin's USD price stays above 80k, this indicator will shift from negative to positive, indicating market sentiment is turning from defensive to bullish. Next, attention should be on non-farm payroll data and earnings reports, which could serve as the next triggers.