Bitcoin Options Play Shows $100K Target Back in Bulls' Crosshair

The $100K call option has become the most favored bet, with a notional open interest of nearly $1.2 billion.

• Traders chase call options as BTC's price recovers.
• The $100K call option has become the most favored bet, with a notional open interest of nearly $1.2 billion.

Bitcoin traders are eyeing a $100K target as the most favored bet, reflected in a notional open interest near $1.2 billion.

Following conflicting reports from the Trump administration about tariffs on tech products, market sentiment has shifted positively towards upside calls. The options skew has normalized as implied volatility for calls rises, indicating a decrease in market panic and renewed interest in upward price movements.

The $100K call option stands out as a popular choice among traders, with a significant notional open interest of around $1.2 billion on Deribit, which dominates global options activity. This contrasts with previous trends that saw bets on lower prices before the recent market turmoil.

$100K is the most popular bet

Data shows high open interest concentrated in calls between $95,000 and $120,000, while the $70K put option follows closely behind with an open interest of $982 million.

As of writing, the $100K call boasted a cumulative notional open interest of nearly $1.2 billion. The notional figure represents the U.S. dollar value of the number of active option contracts at a given time. Calls at $100K and $120K were popular early this year before the market swoon saw traders deploy money in the $80K put last month.

The chart shows the concentration of open interest in calls at strikes ranging from $95,000 to $120,000. Meanwhile, the $70K put is the second-most popular play with an open interest of $982 million.