Woofun AI reports that a significant bullish wager emerged on Bitcoin, with traders allocating $2.9 million to call options targeting an $82,000 strike price before the September expiry, a move tracked by Laevitas.

The transaction occurred on Monday, involving 2,000 bitcoin call-option contracts that expire on Sept. 4. Buyers paid $2.9 million in premium, capping their potential loss if the asset fails to breach the $82,000 threshold. This position bets on a rise from the current spot price near $80,000, reflecting a 25% gain over seven days from the $64,000 level recorded a week prior.

Woofun AI data shows that the rally was fueled by the U.S. Treasury's bond-buyback announcement, sustained inflows into spot Bitcoin ETFs, and short liquidations. Despite this momentum, Deribit's options market exhibits caution, with BTC skew dropping from +2.36% to -5.17%. Similarly, ETH skew fell from +3.41% to -12.15%, indicating a shift toward downside protection.

Laevitas noted that this pricing reflects aggressive bidding for downside protection after a violent rally stalled in the high 70s, with event risk priced into the back half of the week rather than a breakdown in the tape. Although BTC pushed above $80,000 on Monday, the persistent negative skew suggests underlying market fragility remains.