BTC call options outperform high-leverage perps after market surge

After the recent BTC surge, buyers of BTC call options posted higher returns than traders using high‑leverage perpetual futures, per reports. Calls delivered leveraged upside with capped downside, allowing participants to avoid the mass liquidations that plagued high‑leverage perp longs. This performance suggests a growing preference for options as a means of directional exposure and risk management, potentially shifting liquidity and open interest away from extreme‑leverage perps. If sustained, the shift could reduce liquidation‑driven volatility and deepen options market liquidity, though rising option premiums and implied volatility may accompany increased demand.