Bitcoin traders see the top cryptocurrency hitting $80,000 soon, but aggressive hedging activity shows they’re still not ready to go all-in.

On Friday, options representing some $8.6 billion worth of Bitcoin are set to expire. Options are derivative contracts that give the buyer the right to buy or sell the underlying asset, in this case, Bitcoin.

When a large number of options contracts are set to expire it can often move the price of the underlying asset as traders must settle any outstanding balances.

Options positioning going into Friday's expiration suggests that traders aren’t fully convinced by the current range break of $75,000, Nathan Batchelor, a Bitcoin trader and managing partner at crypto trading data platform Biyond, told DL News.

Although options traders are positioned to profit from a potential move higher, they’re also hedging their positions “aggressively,” Batchelor said.

“If Bitcoin holds around the $77,000 to $78,000 area going into Friday I would not be surprised to see an attempt towards $80,000, given that a large amount of options calls are stacked in this area,” he said.

Calls are bullish options bets that pay out when the price of the underlying asset increases. Puts, on the other hand, are bearish bets that pay out when an asset’s price drops.

The crypto market has had a rough start to the year. Bitcoin began 2026 trading at around $88,000. Yet Federal Reserve policy hesitation, and broader macroeconomic fears have weighed on it since.

The US and Israel’s war on Iran, and its impact on global energy markets, have added to the uncertainty.

Now, traders are waiting to see if Bitcoin can get out of its funk and revisit its yearly high.

Path of least resistance

Other traders are also watching for Bitcoin to move up to $80,000.

Antoine Lours, head of options trading at crypto market maker Keyrock, told DL News that the market makers who provide liquidity in the Bitcoin options market are most exposed to options betting on Bitcoin trading around $80,000.

With Bitcoin currently trading in the high-70s, the path of least resistance is for the price to remain anchored near $80,000, rather than drifting lower toward “max pain,” Lours said.

The term max pain comes from maximum pain theory, which posits that the price of an underlying asset will gravitate to the price where the largest number of options contracts will expire worthless.

Lours said he has also noticed traders’ hesitancy towards a sustained Bitcoin rally.

He noted that the slightly higher-than-normal number of Bitcoin call options, and higher prices for soon-to-expire options bets, show that traders are slightly bullish in the near-term.

Yet among Bitcoin options expiring in May, June and December, there is more demand for puts, which Lours says shows traders aren’t confident in a sustained rally.

June is already shaping up a big month for Bitcoin traders. Options representing some $8.2 billion worth of Bitcoin are set to expire then, a figure which will likely increase as the expiry gets closer.