Bitcoin Surpasses $81,000 as Options Markets Position for Further Gains

Bitcoin increased to over $81,000 in Asian trading on Tuesday, May 5, 2026, reaching its highest point since late January. The cryptocurrency rose from $79,000 at the close of U.S. trading on Monday, reflecting a 5.3% gain over the past week. This movement occurred despite broader market uncertainties, including developments in U.S.-Iran relations.

Other major cryptocurrencies displayed varied results. Ether remained at $2,379, down 0.1% daily but up 4.0% weekly. Solana decreased 0.9% to $84.84, while dogecoin fell 1.0% to $0.1117, though it retained a 12.4% weekly increase with futures open interest at year-high levels.

Options markets indicated positioning for higher bitcoin prices, according to a note from Nomura's market-making arm, Laser Digital, shared with CoinDesk. Traders have employed call ratio strategies, buying calls for moderate rallies financed by selling calls for larger gains.

These structures benefit from gradual price increases without significant upfront costs. The note stated that a decisive bitcoin move above $80,000 could shift the risk reversal gauge from negative to positive territory. A negative risk reversal reflects higher implied volatility for puts over calls, indicating more concern for price drops than rallies.

Volatility remained low last week, with limited demand for protective options.

The bitcoin price rise followed a brief decline on Monday linked to a disputed Iranian missile claim, which also affected oil prices. U.S. Central Command reported that destroyers Truxtun and Mason escorted two U.S.-flagged vessels through the Strait of Hormuz amid coordinated threats.