Bitcoin hits $81,000 and just gave options desks exactly what they wanted. A breakout.
On Tuesday during Asian hours, the largest crypto crossed $81,000. That is its highest level since late January.
To put that in perspective: Bitcoin rose from $79,000 at the end of U.S. trading on Monday. It now sits 5.3% higher on the week.
Bitcoin breaks $81,000 while majors trade mixed
Other cryptocurrencies showed mixed results. Ether held at $2,379, down just 0.1% on the day but up 4.0% on the week.
XRP slipped 0.9% to $1.40 . Solana is even on the 24hr level $85. BNB traded at $627.
Dogecoin gave back 1.0% to $0.1117 after last week’s run. However, it remains the standout on the seven-day chart with a 12.4% gain. Futures open interest on DOGE continues to sit at year‑highs.
Fear & Greed Index is at Neutral “50” its highest level from a long time .
Macro risks haven’t improved, but Bitcoin rallied anyway
This move happened despite troubling macro news. Brent crude pared back to $113a barrel after surging.
Meanwhile, U.S. destroyers Truxtun and Mason transited the Strait of Hormuz overnight. They escorted two U.S.-flagged vessels through what U.S. Central Command called “coordinated threats.”
An aerial attack struck a VTTI oil terminal in Fujairah. President Donald Trump told Salem News Channel that the war may last another two to three weeks. That means the previously announced four‑week ceasefire is now fraying.
Still, Bitcoin broke higher. It seems geopolitical tensions are losing their grip on the crypto market.
Options desks positioned perfectly for this breakout
According to Nomura’s market‑making arm Laser Digital, options markets are now seeing a flurry of action. Traders are betting on higher prices in the days ahead.
For most of the past week, Bitcoin volatility stayed quiet. Traders were not buying much options protection. The price wasn’t moving fast enough to justify it.
When desks did pay for protection, they paid more for puts (bets on falling prices) than calls (bets on rising prices). That is the standard playbook when the market fears a drop more than it hopes for a rally.
But underneath that fear, something else happened. There was quiet demand for cheap upside bets. Traders used what is called a call ratio strategy.
Here is how it works: You buy call options that pay off if Bitcoin rallies a little. Then you finance those by selling other call options that only pay off if Bitcoin rallies a lot. This setup costs almost nothing upfront. It benefits if Bitcoin grinds higher without ripping past the upper level.
Risk reversal could flip positive for the first time
Laser Digital noted: “Should the spot price experience a decisive breakout above $80K, the currently negative BTC risk reversal is expected to move into positive territory.”
A risk reversal measures the difference in implied volatility between equally out‑of‑the‑money calls and puts. When it sits negative, the market prices more fear of a drop than greed for a rally.
A flip to positive would be the first signal that options markets have shifted from cautious to constructive.
What to watch next
All major central banks held rates last week. Laser Digital says this reduces the right‑tail distribution of rates. It also keeps U.S. financial conditions in their current range.
Strategy reports earnings on Tuesday. Then the U.S. nonfarm payrolls print drops on Friday. Both events can move Bitcoin if the surprise is large enough.