As Bitcoin Tops $93K, CME $100K Options See Increased Interest: CF Benchmarks

Bitcoin Rockets Past $90K, Reaches $93K as Traders Bet Big on $100K Options

Bitcoin (BTC) has surged past the $90,000 barrier, reaching a new all-time high of over $93,000 on Wednesday. The rally has ignited a frenzy in the options market, particularly on the Chicago Mercantile Exchange (CME), where traders are aggressively targeting six-figure price levels.

CF Benchmarks data shows significant interest in $100,000 call options at the CME, a hotspot for institutional investors. These call options give buyers the right to purchase bitcoin at the predetermined strike price, reflecting a bullish market outlook.

“The 30-day constant maturity 25 delta skew has crossed the 5 vol threshold, a notable milestone this year,” said Thomas Erdösi, CF Benchmarks’ head of product. “This indicates growing demand for upside protection and confidence in further price gains.”

The 25 delta skew measures the relative pricing of call options compared to puts, with a positive skew indicating a preference for upward price movements. Current metrics signal a robust appetite for calls as traders prepare for bitcoin’s next potential leg higher.

Demand for strikes above $100,000 has also spiked, highlighted by rising implied volatility for these options, according to CF Benchmarks. CME’s bitcoin derivatives are underpinned by the Bitcoin Reference Rate – New York (BRRNY), ensuring reliability and precision in price tracking.

This bullish behavior mirrors activity on Deribit, the leading offshore options exchange, where traders have steadily accumulated $100,000 calls since September.

Bitcoin’s explosive run continues despite the dollar index climbing higher. Fueling the optimism is the pro-crypto narrative following Donald Trump’s presidential election victory on Nov. 5, which has bolstered expectations for a friendlier regulatory environment. Bitcoin has gained over 36% since the election, solidifying its status as a standout performer in financial markets.