Following Friday’s Jackson Hole Economic Symposium, Bitcoin traders in the derivatives market are showing mixed reactions: they are optimistic about future gains on the one hand, but cautious about the pace of a possible recovery on the other.

The market has seen an increase in call spread purchases, a sign that traders are betting on further price increases, QCP Capital wrote in its latest investor report. note.

However, there was also significant selling of Bitcoin call options with a strike price of $100,000, especially for contracts expiring in March 2025. Data from BasedMoney shows.

This suggests that while sentiment remains generally optimistic, traders are not expecting a strong or immediate price increase, QCP said.

Despite recent price increases in Bitcoin and Ethereum, volatility indicators show a shift towards put options, reflecting traders’ concerns about potential downside risks until October.

Implied volatility, a key measure in options trading for estimating future price movements, is trending toward put options, indicating greater concern about possible price declines than optimism about price increases.

Simply put, even though Bitcoin and Ethereum have risen, more and more traders are hedging against a potential decline by buying put options.

A put option is a financial contract that gives the holder the right to sell an asset at a specific price within a certain period of time. When traders buy put options, it usually indicates that they fear prices may fall and want to hedge.

It follows the prevailing optimistic mood after US Federal Reserve Chairman Jerome Powell indicated The central bank could start cutting interest rates as early as next month, after which Bitcoin would respond with a price increase.

The recent price increase has not been accompanied by a corresponding increase in volatility, indicating caution among traders, QCP said.

As short-term volatility decreases, Bitcoin is expected to remain in the $62,000-$67,000 range at least until October, it said.