A $3.2 million Gem Bitcoin Butterfly Eagle Options trade bet that by the end of October it will reach $95,000

In other words, the trader appears to be betting that bitcoin will rise from about $85,000 to $95,000 in the next four weeks. This judgment is roughly consistent with a Bitcoin daily chart showing little apparent resistance between $ 85,000 and $ 98,000.

Since Bitcoin has not previously experienced a price point of stagnation or consolidation within this range, the current upward movement is expected to propel it closer to $98,000 in the near term (see today's signals) if other conditions remain unchanged.

Butterfly options are not the only sign of bullish sentiment warming. Traders have also increased their exposure to upside through bearish options, pushing short-term risk reversals higher.

In a report shared with CoinDesk, Laser Digital writes: "The risk reversal indicator also fluctuated wildly during this round of gains to $85,000 as the front-end risk reverse shifted sharply towards bearish options dominance and some degree of retracement occurred earlier today".

In addition, volatility expectations in the options market for major tokens have generally risen. On Monday, Coinbase Markets said that option market pricing shows a standard deviation of XRP at 8.9%, SOL at 8.0%, Ethereum at 6.9% and Bitcoin at 5.0% as of September 27.

These numbers measure the expected magnitude of price fluctuations rather than directional bets, where XRP's volatility risk is highest and investors should remain vigilant.