According to CoinDesk: Bitcoin (BTC) options have become an attractive bargain for many traders who are now increasing their bullish investments. These options are derivative contracts that provide the buyer the privilege to purchase or sell the underlying asset at a set price at some future date.

Some traders have started buying bitcoin call options at the $45,000 and $46,000 strike prices during Thursday's US trading hours according to Paradigm, an over-the-counter institutional cryptocurrency trading network.

Options are considered inexpensive when implied volatility, a crucial factor in option prices, drops below its long-term average or the asset’s realized volatility. The latter reflects price movements that have already occurred, while implied volatility predicts the one standard deviation range of the underlying asset’s price movement over a year.

Since the launch of spot ETFs in the US last week, Bitcoin's implied volatility peaked and has now fallen below the realized volatility. This reduction has stirred demand for calls at the $45,000 and $46,000 strikes.

"We saw a large buyer of Feb $44k straddles and some outright call buying in the $45k /$46k strikes," revealed Paradigm in a Telegram broadcast. This statement insinuates that the call purchases were likely standalone trades betting on a resurgence of upside price volatility in bitcoin, as opposed to complex strategies.

Bitcoin has seen a decrease of over 15% since the ETF launched on January 11, with prices briefly dropping below $41,000 on late Thursday.