Bitcoin merchants started 2026 on a constructive word, snapping up choices bets that concentrate on a worth rally into six digits.
Since not less than Friday, there was a notable improve in investor curiosity within the $100,000 strike January expiry name choice listed on Deribit, the world’s largest crypto choices change by quantity and open curiosity.
A name choice provides the purchaser the appropriate, however not the duty, to buy the underlying asset at a predetermined worth at a later date. The $100,000 name choice represents a wager that bitcoin’s worth will rally above that stage on or earlier than the expiry of the contract.
“Circulate stays dominated by rolls, with a notable uptick in curiosity across the 30 Jan 100k calls,” Jasper De Maere, desk strategist at Wintermute.
Up to now 24 hours alone, the variety of lively or open contracts in that exact choice has elevated by 420 BTC, in keeping with knowledge supply Amberdata. That equates to a notional open curiosity development of $38.80 million, essentially the most amongst all January calls and throughout all platform-wide expiries on Deribit, the place one choices contract represents one BTC.
The choice not too long ago boasted a complete notional open curiosity of $1.45 billion, with January expiry accounting for $828 million alone, in keeping with knowledge supply Deribit Metrics.
The upside positioning aligns with the bullish sentiment that dominated most of 2025, when merchants chased name choices at strikes from $100,000 to $140,000.
Demand for these bullish choice performs might surge additional if BTC’s worth rally extends past $94,000, in keeping with QCP Capital. The cryptocurrency has risen round 5% within the first 5 days of the yr, briefly topping $93,000 at one level early Monday.
“Submit-[December] expiry positioning has shifted. BTC perpetual funding on Deribit has jumped above 30%, signaling sellers are actually quick gamma to the upside. This dynamic was evident as spot pushed via 90k, triggering hedging flows into perpetuals and near-dated calls,” QCP Capital stated final week.
“A sustained transfer above 94k might amplify this impact,” the agency added.
