Bitcoin options traders are increasingly betting on long-term volatility, with over $191 million in open interest for out-of-the-money (OTM) options, according to data from Deribit. These positions, set to expire in June 2026, include deep OTM put options with strike prices at $20,000 and call options above $200,000. This strategy indicates traders are preparing for significant price fluctuations rather than making a directional bet. The focus on long-term volatility suggests anticipation of major market events, such as regulatory changes or macroeconomic shifts, that could impact Bitcoin's price trajectory.