Is there a bitcoin option?

Excuse me, I'm curious about a specific aspect of cryptocurrency investments. I've heard a lot about Bitcoin and its potential for growth, but I'm wondering if there are any options available that allow me to speculate or hedge against Bitcoin's price movements? Is there a Bitcoin option that traders can utilize to potentially profit from both upward and downward movements in the market? If so, can you elaborate on how these options work and what benefits they might offer investors?