Bitcoin is consolidating after briefly reaching a record $123,640 last week, but derivatives data show traders positioning for a renewed advance. Glassnode said Friday’s Bitcoin options market generated about $226 million in premiums—its highest on record—with roughly 69 percent of the flow backing calls. Although turnover fell to about $18 million by Monday, fresh buying has clustered around the $124,000–$130,000 strike range, adding a net $41 million in call exposure and pointing to a near-term price ‘magnet’ between $120,000 and $130,000. Other sentiment gauges echo the shift. Bitcoin’s 30-day options delta skew has risen to its highest level in four months, signaling elevated demand for protective puts, yet overall positioning remains tilted to the upside. Analysts note that similar spikes in skew have often coincided with strong spot buying once hedging pressure eases. Strength in the largest cryptocurrency is rippling across the broader market. Coinbase estimates that the capitalisation of non-Bitcoin crypto assets has jumped about 50 percent since July as Bitcoin’s share of total market value fell below 60 percent. The exchange argues that nearly $2.7 trillion sitting in U.S. money-market funds could fuel a broader rally, reviving the long-anticipated ‘alt-season’ in which higher-beta tokens outperform Bitcoin.