Bitcoin climbs past $81,000 as institutional inflows rise, but options market remains cautious

Bitcoin accelerated above $81,000 on Thursday, helped by comments from Federal Reserve Governor Christopher Waller that could keep rates steady if inflation cools. Treasury yields fell and the broader crypto market rallied, with Ethereum, XRP and Solana each gaining more than 5% and Zcash and Cardano rising over 10%.

Institutional demand adds fresh capital

U.S. spot Bitcoin ETFs recorded a net inflow of $730.9 million, the largest daily intake since January. BlackRock’s IBIT accounted for roughly $454 million, while Fidelity, Grayscale and other products also attracted capital. This follows a strong August in which Bitcoin funds drew about $3.5 billion, their best month since September 2025.

Spot activity expands across exchanges

CryptoQuant data show daily Bitcoin spot volume rising three‑ to four‑fold from early‑August lows, with Binance leading the increase and Coinbase and MEXC also seeing higher turnover. Whale inflows to exchanges repeatedly exceeded 2,000 BTC per hour, and average deposit sizes on Binance grew from 20‑30 BTC to over 50 BTC, peaking near 75 BTC.

Altcoin participation rises

Seven‑day cumulative altcoin deposit transactions climbed from roughly 15,000‑20,000 to about 45,000, indicating broader market sentiment improvement.

Options market shows restraint

About 29,600 Bitcoin options worth $2.39 billion expired on Friday, with a put‑call ratio of 0.65 and a maximum‑pain level near $73,000. This represented only ~7% of total open interest, leaving most positions unchanged. Call gamma exposure has concentrated above $80,000, while put gamma exposure remains low, creating potential friction around heavily‑traded strikes.

Realized volatility rose to roughly 40% this week, while implied volatility fell to about 36%, and the 15‑day volatility risk premium turned negative, suggesting price moves are outpacing options‑priced expectations.

Outlook

Bitcoin now faces the $80,000‑$83,000 range with a broader base of spot buyers and expanding market participation. Sustained advances will depend on continued institutional inflows and the ability to absorb concentrated call positioning above $80,000, while macro‑economic data on inflation remain a key factor.