Bitcoin derivatives traders are increasingly betting that the world’s largest cryptocurrency could revisit the $100,000 level, following a steep downturn that closed out last year.
According to Bloomberg, data shows that open interest in bitcoin options is heavily concentrated around contracts expiring on January 30 with a $100,000 strike price. These call options carry more than twice the notional value of the next most popular position, which is put options at an $80,000 strike for the same expiry. The positioning suggests traders are looking past the fourth-quarter crash and toward a renewed upside move.
The shift marks a clear change from late 2025, when bitcoin slid 24% over the quarter. During that period, demand for downside protection surged, pushing put option premiums sharply higher.
Prices have since stabilized. Bitcoin rose as much as 3.6% on Jan.5 to trade near $94,800, its highest level in almost a month. The rebound has been supported by renewed inflows into crypto investment products.
On Jan. 5, bitcoin ETFs vehicles recorded $697 million in inflows. This followed a $471 million inflow on Jan. 2. Similarly, ether ETFs saw inflows of $174 million and $168 million on Jan. 2 and Jan. 5 respectively. This comes after the sector had suffered sustained outflows after an early-October crash wiped out roughly $19 billion in digital asset value in a single day.
The improving tone in crypto mirrors strength across other asset classes. Gold has pushed to a record high, while equity markets have been lifted by gains in technology stocks, reinforcing a broader risk-on environment.
Read more: Bitcoin Taps $93K as Bulls Knock on the Door of a Major Breakout
Still, analysts urge caution, as bitcoin has repeatedly failed to hold key technical levels in recent months, often triggering sharp pullbacks and liquidations. Options data suggests a relatively quick move through the $90,000 range, with the next potential consolidation zone around $105,000. Whether the rally can extend further may depend on whether speculative capital fully returns to crypto derivatives markets.
• Why are Bitcoin options traders targeting $100,000 again?
Heavy call option interest at the $100K strike signals renewed upside expectations.
• What changed after Bitcoin’s late-2025 selloff?
Stabilizing prices and fresh crypto fund inflows have improved market confidence.
• How are broader markets influencing Bitcoin sentiment?
A risk-on backdrop in equities and record gold prices are supporting optimism.
• What could confirm a sustained Bitcoin rally?
Analysts say bitcoin must reclaim and hold above $106,000 to turn decisively bullish.
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