Bitcoin traders are increasingly engaging in selling BTC put options, reflecting a bullish market outlook. The cumulative delta in BTC options and related ETFs has reached $9 billion, indicating significant sensitivity to price fluctuations. This strategy allows traders to collect premiums while maintaining cash reserves in stablecoins for potential BTC purchases if markets decline. According to Lin Chen from Deribit, this surge in cash-secured put selling demonstrates a more mature approach to BTC accumulation. Investors are also selling higher strike call options for additional yield, contributing to a decrease in BTC implied volatility. Bitcoin's price has rebounded to over $92,000 following an early month dip to $75,000, supported by renewed institutional interest. There has been a notable preference for exercise calls, specifically at strike prices of $95,000, $100,000, and $135,000. The overall options market reflects heightened activity as market makers hedge their delta exposure from new positions and pricing shifts.

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