Bitcoin surged roughly 25% in a single week, climbing from around $62,000 to nearly $80,000 by August 25, marking its second-largest weekly gain in five years. Long BTC call options returned 582%, outperforming equivalent high-leverage perpetual futures positions which delivered 450%. On Deribit, call options accounted for roughly 59% of open interest, with the 30-day 25-delta skew turning positive at +2.78. BTC options open interest has at times exceeded futures open interest at $74B versus roughly $65B, signaling a structural shift in institutional trading preferences.
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