Caution Prevails Ahead of Jobs Report as Bitcoin Traders Eye Put Options
Crypto traders are showing continued caution as they buy bitcoin (BTC) put options in anticipation of the U.S. nonfarm payrolls report, according to options market activity observed by Singapore-based QCP Capital.
Put options give traders the right to sell an asset at a predetermined price, and the growing demand for puts on bitcoin, which is currently priced at around $97,000, suggests that many are bracing for potential downside. In particular, puts priced as low as $80,000 indicate a cautious sentiment, with some traders worried that stronger-than-expected jobs data could undermine the case for future Federal Reserve rate cuts and lead to a drop in BTC’s price.
“As we approach the release of tonight’s nonfarm payroll report, the mood remains cautious,” QCP Capital said in a Telegram message. “We continue to see interest in BTC 28FEB25 80K puts and BTC 21FEB25 90K puts, a sign of persistent caution, even though the market still leans towards calls.”
The nonfarm payrolls report, which is expected to show a growth of 170,000 jobs in January, will be released by the U.S. Bureau of Labor Statistics at 8:30 a.m. ET (13:30 UTC).
