Deribit Traders Favor Bitcoin’s $100K Call, Surpassing the $120K Bet in Popularity

Bitcoin’s $100K Call Becomes Top Options Bet as Traders Scale Back Expectations

Following Bitcoin’s recent price drop, traders are adjusting their bullish outlook, with the $100,000 call option overtaking the once-dominant $120,000 strike as the most popular bet on Deribit.

Currently, the $100,000 call holds the highest notional open interest, totaling $1.55 billion. In contrast, the $120,000 call, which led until last month, has dropped to second place with $1.33 billion in notional open interest. This metric represents the total dollar value of active option contracts at any given time.

Call options grant traders the right—but not the obligation—to purchase Bitcoin at a set price in the future. When open interest builds up in high-strike calls, it typically signals bullish expectations. However, the shift in preference from $120,000 to $100,000 suggests that traders are taking a more cautious approach after Bitcoin’s price fell below $80,000.

Further evidence of uncertainty comes from 25-delta risk reversals, which currently show a preference for protective put options through the end of May. This indicates a market bias toward hedging against further downside risks.

Despite the short-term shift in sentiment, bullish positioning remains strong beyond May. The total value of open call options currently stands at over $16 billion—nearly twice the $8.35 billion in open put options, reinforcing long-term optimism for Bitcoin’s price trajectory.