Made a bitcoin:native $80k/$90k bull call spread yesterday, a few hours before the move. Wanted to share the thought process because I still think this strategy is underrated for what it gives: defined downside, decent R:R, and a cleaner way to express a directional view. The position was simple: - Long 1x $80k call - Short 1x $90k call At entry, the spread had around +0.27 delta, so it behaved roughly like being long 0.27 BTC, but with a predefined maximum loss. The first decision was not whether to be bullish BTC. It was how to express that bullish view. I could have simply bought BTC/perps, or bought the $80k call outright. But my thesis was not necessarily that BTC was about to go straight to $100k+. My base case was that after almost two weeks of consolidation around the high-$70ks, BTC had a decent chance of resolving higher toward the $85k–90k area over the next 1–2 months. That made the call spread a better fit. By selling the $90k call against the $80k call, I capped my upside above $90k, but in return I reduced the cost of the trade and the theta exposure. At the time, theta was only around -$9/day/unit, which meant I had some room to be wrong on timing without bleeding heavily every day. The other question was entry. Initially I wanted to wait for more consolidation. Then I realized BTC had already been ranging for almost two weeks. At some point, waiting for “more confirmation” just means waiting for the breakout and paying more for the same position. So instead of trying to perfectly bottom-tick the premium, I asked: Has the market already given me the setup I was waiting for? - BTC was still around $78k. - The $80k call was close to ATM. - IV was not particularly extreme. - Theta was manageable. - And the downside was fully predefined. That was enough for me to take the trade. The position is now in profit, but I’m not treating that as proof the thesis is correct yet. The real test is whether BTC can continue resolving this range higher toward the area the trade was designed for. Now we see if the thesis plays out.