Here’s some good news: a lot of capital has already started positioning itself for $BTC’s bull market in the second half of the year. According to the latest block options data from Deribit, call options expiring in December 2026 with a strike price of 120,000 are seeing extremely active trading, with a noticeable concentration of open interest. Smart money is choosing to bet on or hedge against the tail-end risk of an extreme bull market in the second half of the year—whether it’s like buying a lottery ticket or securing a low-cost position. And it doesn’t really matter if $BTC can climb back above 120k or not. As long as $BTC’s spot price starts approaching $80k or $100k, these concentrated 120,000 calls will force options market makers to keep buying $BTC in the spot market to maintain Delta neutrality. This could create a significant wave of buying pressure.