$100K BTC Strike Gains Momentum in Options Market Amid Renewed Bullish Sentiment

Bitcoin Bulls Reload as $100K Options Bet Regains Market Spotlight

A bullish mood is returning to the bitcoin (BTC) options market, with the $100,000 strike call option reclaiming its spot as traders’ top play — now representing nearly $1.2 billion in notional open interest.

The shift follows a volatile week where BTC briefly dipped below $75,000 before rebounding above $84,000. The bounce came on the heels of a dramatic flip-flop in Washington’s trade policy, which seems to have sparked renewed optimism among investors.

After announcing sweeping tariffs, including a 125% levy on Chinese imports and a baseline 10% on global goods, the Trump administration backpedaled just days later. On Friday, new guidance excluded key tech products such as smartphones from the tariff list — only for President Trump to contradict that relief shortly afterward. The mixed signals appear to have eased pressure in risk markets nonetheless.

The market’s rebound has prompted a resurgence in bullish options flows. Traders rushed to scoop up upside call options — particularly those in the $85K to $100K range — while simultaneously exiting bearish $75K to $78K puts, according to a market note from Deribit.

“Trump’s bond-market-crisis fueled tariff-walkback flipped the vocal narrative from aggression to capitulation, and the markets from capitulation to aggressive bounce,” Deribit said.

As a result, the options skew — which reflects the balance of demand between puts and calls — has returned to neutral across the 30-, 60-, and 90-day timeframes, per Amberdata. Just a week ago, these indicators were deeply negative, reflecting intense bearish sentiment.

Though the seven-day skew remains in the red, it has recovered sharply from a -14% reading, showing a substantial reduction in downside protection demand.

$100K Call Leads the Pack

The standout stat for options traders: The $100,000 strike call is now the most held option on Deribit, which accounts for more than three-quarters of all BTC options volume globally.

With nearly $1.2 billion in notional open interest, the $100K call has reemerged as the market’s favorite long-shot bet. In comparison, the $70K put — the most popular bearish position — holds about $982 million in open interest.

Call positions in the $95K to $120K range have also gained traction, showing traders are again leaning into the possibility of a six-figure bitcoin rally. Earlier in the year, these same upside strikes saw strong demand before bearish positioning took over in March.

Whether this renewed bullish appetite holds up will likely depend on macro headlines — especially as the White House continues to waver on trade policy.