Bitcoin traders begin 2026 with bullish bets targeting prices above $100,000.

Bitcoin traders entered 2026 on a constructive note, increasing exposure to options that bet on a move into six-figure territory.

Interest has risen since at least Friday in the $100,000 January-expiry call option on Deribit, the world’s largest crypto options exchange by volume and open interest. Call options give buyers the right, but not the obligation, to purchase bitcoin at a set price before expiration, making the $100,000 strike a straightforward wager that prices will break above that level.

“Flow remains dominated by rolls, with a notable uptick in interest around the 30 January 100k calls,” said Jasper De Maere, desk strategist at Wintermute.

Data from Amberdata show open interest in the $100,000 January call climbed by 420 BTC over the past 24 hours, equivalent to roughly $38.8 million in additional notional exposure. That was the largest increase among all January call options and across all expiries on Deribit, where each contract represents one bitcoin.

The option now carries about $1.45 billion in total notional open interest, with January maturities accounting for roughly $828 million, according to Deribit Metrics.

The buildup in upside positioning mirrors the bullish tone that prevailed for much of 2025, when traders consistently targeted call strikes between $100,000 and $140,000.

QCP Capital said demand for bullish option strategies could strengthen further if bitcoin’s rally extends beyond $94,000. The cryptocurrency has gained around 5% in the first five days of the year and briefly traded above $93,000 early Monday.

“Post-December expiry positioning has shifted, with BTC perpetual funding on Deribit moving above 30%, indicating dealers are now short gamma to the upside,” QCP Capital said last week. “That dynamic became evident as spot broke through $90,000, triggering hedging flows into perpetuals and near-dated calls.”

“A sustained move above $94,000 could amplify this dynamic,” the firm added.