CoinDesk
Bitcoin broke above $81,000 in Asian trading on Tuesday, its highest level since late January and a 5.3% gain on the week, even as broader crypto majors traded mixed and oil prices stayed elevated on the back of the disputed Iran missile claim and a fresh Strait of Hormuz transit by U.S. destroyers. Ether held near $2,379, Solana slipped to $84.84, and Dogecoin gave back 1.0% to $0.1117 after last week's run, though DOGE futures open interest still sits at year-highs.
Why it matters
Options markets have been quietly positioning for a breakout underneath an outwardly cautious tape. Nomura's market-making arm Laser Digital flagged in a note shared with CoinDesk that traders have been layering cheap upside exposure through call ratio structures — buying calls that pay off on a modest rally and selling further-out-of-the-money calls to finance them. The structures cost almost nothing upfront and reward a gradual grind higher. With BTC decisively above $80,000, Laser Digital expects the currently negative BTC risk reversal to flip positive, the first signal that options pricing has shifted from bearish-defensive to constructive.
Market impact
The setup matters because the macro backdrop hasn't actually improved. Brent crude is still near $113 a barrel after Monday's 5.8% spike, U.S.-Iran tensions are fraying a previously announced ceasefire, and central banks held rates steady last week. Strategy reports earnings Tuesday and the U.S. nonfarm payrolls print lands Friday — both potential volatility catalysts for BTC. If the call ratio structures resolve the way desks are positioned for, the squeeze on downside hedges could amplify the next leg up rather than the next leg down.
Frequently asked questions
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What level did Bitcoin hit and when was the last time prices were this high?
Bitcoin crossed $81,000 during Asian trading on Tuesday, the highest level since late January. The move extends a 5.3% weekly gain from the $79,000 level at the end of U.S. trading hours Monday.
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What is a call ratio structure and why does it matter for BTC right now?
A call ratio strategy buys calls that pay off if bitcoin rallies modestly and sells further out-of-the-money calls to finance them. It costs almost nothing upfront and benefits if BTC grinds higher without ripping past the upper strike — which is exactly the setup Laser Digital says desks have been quietly building.
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What is a BTC risk reversal and why would a flip to positive matter?
A risk reversal is the difference in implied volatility between equally out-of-the-money calls and puts. When it sits negative, the market is pricing more fear of a drop than greed for a rally; a flip to positive would be the first signal options markets have shifted from cautious to constructive.
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How are Ether, Solana, and Dogecoin trading versus Bitcoin right now?
Ether held near $2,379, off 0.1% on the day but up 4.0% on the week. Solana dropped 0.9% to $84.84. Dogecoin gave back 1.0% to $0.1117 after last week's run but remains the seven-day standout at 12.4%, with futures open interest at year-highs.
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What are the next catalysts that could move Bitcoin volatility?
Strategy reports earnings Tuesday and the U.S. nonfarm payrolls print lands Friday, with Laser Digital flagging both as potential volatility triggers. Ongoing U.S.-Iran tensions and a fraying four-week ceasefire are the persistent macro overlay on top of steady central bank policy.
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