Bitcoin’s $100,000 Call Becomes Most Popular Options Contract on Deribit

The recent downturn in the crypto market has shifted trader preferences from a $120,000 bitcoin (BTC) options bet to a more conservative $100,000 bet.

The $100,000 call is now the most popular BTC options contract, with a notional open interest of $1.55 billion.
The $120,000 call, previously dominant, holds the second position with a notional open interest of $1.33 billion.
A call option allows the buyer to purchase the underlying asset at a predetermined price, indicating bullish sentiment.
The shift to the $100,000 strike suggests traders are reassessing bullish expectations after BTC's price fell below $80,000.
The 25-delta risk reversals show negative bias for protective put options, indicating concerns over further price declines.
Despite bearish sentiment, total call options open exceed $16 billion, nearly double the $8.35 billion in put options.