Bitcoin Options Explode as Traders Bet Big on Six-Figure Price Targets

Derivatives markets are screaming. The surge in Bitcoin options activity isn't just noise—it's a calculated wager that the king crypto is gearing up for a run past $100,000.

The Mechanics of a Mega-Bet

Forget simple spot buying. Sophisticated players are piling into call options, contracts that give them the right to buy Bitcoin at a set price in the future. The concentration of open interest and volume now clusters aggressively around strikes far above current levels. It's a direct, leveraged bet on explosive upside, with traders paying premiums today for the chance to capture tomorrow's rally.

What's Fueling the Frenzy?

The catalyst isn't a single headline. It's a confluence: perceived regulatory clarity drawing institutional capital, a macroeconomic backdrop that's slowly turning friendly for hard assets, and the simple, relentless narrative of Bitcoin's next halving cycle. The market is pricing in a volatility spike—and options are the instrument of choice to play it.

A Word of Caution from the Cheap Seats

Let's be real—the options market can be a casino dressed in a suit, where hope often gets priced as a sure thing. For every trader locking in future gains, there's a counterparty happily collecting that premium, betting the euphoria fades before expiry. It's the age-old finance dance: one side's prudent hedge is the other's easy money from over-optimism.

The tape doesn't lie, though. This surge in complex derivatives isn't retail FOMO; it's capital positioning for a major move. Whether that move is up or down, the smart money is getting ready for a wild ride.

Focus on $100,000 in the Options Market

In the first week of 2026, the world’s largest cryptocurrency options exchange, Deribit, saw remarkable activity in terms of trading volume and open positions. From Friday onwards, there was a marked increase in demand for $100,000 strike call options with January expirations. For those unfamiliar, such call options grant investors the right to purchase assets at a predetermined price by a certain date, reflecting expectations that Bitcoin will surpass these levels.

According to Jasper De Maere, a Wintermute representative and OTC strategist, much of the trading activity focused on repositioning and rolling over, yet there was a noticeable spike in interest for the $100,000 options expiring on January 30, 2026.

Data from Amberdata revealed that in just the last 24 hours, open contracts for the aforementioned options increased by 420 BTC. This rise represents about $38.8 million worth of new nominal positions, marking the most rapid growth among January call options.

Signals Strengthening Expectations for a Rise in Derivatives Data

The concentration in the options market suggests that the optimism prevalent throughout 2025 is continuing into 2026. Last year, traders favored call options with strike prices ranging from $100,000 to $140,000, speculating on long-term upward trends. According to Deribit Metrics, the total nominal open interest for $100,000 strike options soared to $1.45 billion, with $828 million of this tied to January expirations alone.

Market strategists suggest that if the spot price settles above $94,000, this trend could accelerate further. Singapore-based QCP Capital noted that funding rates for Bitcoin perpetual futures surpassed 30%, making market makers more sensitive to upward movements. This setup potentially lays the groundwork for additional hedging as spot prices rise.

Bitcoin gained nearly 5% in the first five days of the year, briefly crossing the $93,000 mark. Analysts concur that if the price passes the $94,000 threshold, the positioning in derivatives markets could gain even more momentum.