Bitcoin Traders Bet on Job Data Volatility

Bitcoin traders are showing increased interest in put options ahead of the U.S. nonfarm payrolls report, according to data from Singapore-based QCP Capital. Put options give the holder the right, but not the obligation, to sell the cryptocurrency at a predetermined price.

Traders are buying puts at prices as low as $80,000 and $90,000, reflecting a cautious sentiment in the market. This suggests that these traders may be worried that better-than-expected jobs data could dent the case for Federal Reserve interest-rate cuts and trigger a slide in the BTC price.

QCP Capital noted in a Telegram broadcast that market sentiment remains cautious as the nonfarm payrolls report approaches. The desk continues to observe interest in BTC 28FEB25 80K puts and BTC 21FEB25 90K puts, despite the skew still favoring calls.

The U.S. Bureau of Labor Statistics is expected to report that nonfarm payrolls grew by 170,000 in January. The report is due at 8:30 a.m. ET (13:30 UTC).

This increased demand for put options indicates that traders are preparing for potential volatility in the BTC price following the release of the jobs data. The market is closely watching the report, as it could have significant implications for the cryptocurrency's price.