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 Deribit data. 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 expectations of significant price fluctuations rather than a specific directional move, as traders brace for potential major events such as regulatory changes or macroeconomic shifts.