Bitcoin Options Market Sees Resurgence of $100K Call Interest

Bullish strategies for bitcoin (BTC) options are gaining traction, stabilizing a key sentiment indicator that showed panic earlier last week.

BTC rose to over $84,000 after dipping below $75,000. This recovery coincided with volatility in the bond market, which influenced President Trump's tariff stance on certain tech products from China.

On Friday, the administration released guidelines exempting key tech items from tariffs, but Trump later denied any changes to tariffs, indicating continued uncertainty.

The price increase led traders to buy call options on Deribit, indicating bullish sentiment. A call option allows the buyer to purchase an asset at a set price before a specific date.

Market update from Deribit noted a shift from protective puts between $75K-$78K to calls between $85K-$100K as BTC surged.
The options skew normalized, reflecting reduced fears of downside risks.
The 30-, 60-, and 90-day skews returned to just above zero, suggesting decreased panic and increased interest in upside calls.
However, the seven-day skew remains negative but shows a weaker put bias than previously.

$100K is the most popular bet

A significant data point is the popularity of the $100K call option, which has become the top choice on Deribit, representing over 75% of global options activity.

The cumulative notional open interest for the $100K call is nearly $1.2 billion.
Calls at $100K and $120K were favored earlier this year, while the recent downturn shifted interest to $80K puts.
Open interest concentration lies between $95,000 and $120,000 for calls, with the $70K put as the second-most popular option, totaling $982 million.