Bitcoin options traders are gearing up for a potentially bullish October, dubbed 'Uptober', following a record $16 billion in options expirations on Deribit. Analysts highlight significant bullish bets placed between $115,000 and $125,000, with a put/call ratio of 0.65, reflecting strong market optimism. Despite market makers temporarily dampening volatility through hedging strategies, institutional investors are actively structuring bullish trades. Key indicators to monitor for potential breakout momentum include ETF inflows and perpetual funding rates, which could signal further market movements.