BTC’s 10% Surge Reignites $100K Price Targets Amid ‘Trump Put’ Optimism

Bitcoin Bulls Eye $100K as Open Interest in Deribit Strike Calls Surges

Bitcoin (BTC) and the broader cryptocurrency market have experienced a significant upswing over the past 24 hours, driven by President Donald Trump’s announcement regarding the five tokens he intends to include in the long-anticipated strategic crypto reserve.

Investor interest in call options at the $100,000 level has surged, with Deribit-listed options seeing the largest jump in open interest, according to data from Amberdata.

BTC, the world’s leading cryptocurrency by market capitalization, has soared nearly 10% within the last day, briefly touching $95,000, according to CoinDesk data. Other tokens named by Trump—ETH, XRP, SOL, and ADA—have also posted notable gains.

On Sunday, Trump took to Truth Social to reveal his directive to the Presidential Working Group to proceed with establishing a crypto strategic reserve. The reserve will feature Bitcoin and Ethereum at its core, along with XRP, Solana, and Cardano. This announcement was met with widespread enthusiasm, especially after industry participants had expressed frustration over the administration’s slow progress on the reserve since Trump’s inauguration on January 20.

Many market participants now view this move as a sign of a “Trump put” for cryptocurrencies, suggesting that the administration may step in to support the market in times of distress, much like the Federal Reserve has done for traditional stock markets.

“Trump has effectively signaled a crypto backstop. This is enough to trigger a trend reversal, especially considering BTC’s sharp breakout from resistance while sentiment was at extreme lows,” noted trader and analyst Alex Kruger on X (formerly Twitter).

Kruger highlighted that BTC has reclaimed key support levels at $89,000 and $92,000, adding that traders can now take long positions with defined risk levels below those marks.

Josh Gilbert, a market analyst at eToro, echoed similar sentiments, stating in an email to CoinDesk, “Given the President’s clear interest in the crypto sector, investors should expect continued intervention. This means that significant sell-offs may increasingly find a safety net.”

Against this backdrop, activity in the $100K strike call has intensified, signaling traders’ confidence in further price appreciation despite ongoing market volatility. A call option provides its holder the right to buy the underlying asset at a predetermined price before or on a specified date, offering potential asymmetric upside exposure.

Data from Amberdata reveals that open interest in the $100K call option has surged by 1,163 contracts—valued at over $100 million—making it the most actively engaged options contract on Deribit.

“$100K will be a key psychological level this week,” noted Greg Magadini, Director of Derivatives at Amberdata. “We’re likely to see a ‘buy the rumor, sell the news’ dynamic leading up to the March 7 crypto summit.”

The increasing demand for call options is further supported by a recovery in short-term volatility skews, which measure the implied volatility premium of calls relative to puts. The seven-, 30-, and 60-day skews have all rebounded to neutral or positive territory, a sharp reversal from Friday’s deep negative readings when traders were heavily buying protective puts.

“Market participants tend to favor buying calls and selling puts when sentiment turns bullish,” said Lin Chen, Deribit’s Head of Business Development for Asia, in a statement to CoinDesk.

Challenges and Skepticism Remain

Despite the growing optimism, some analysts remain cautious about the execution of the crypto reserve plan and its potential impact on the market.

“It’s all talk for now. Let’s see when they get Congressional approval to borrow funds or adjust gold valuations higher. Without those, there’s no actual money to buy Bitcoin or other cryptocurrencies,” said Arthur Hayes, co-founder and CIO of Maelstrom Fund, on X.

Similar skepticism was shared by Bybit CEO Ben Zhou and other industry leaders.

“While the federal crypto reserve announcement has sparked a wave of institutional optimism, uncertainty remains regarding execution, regulatory hurdles, and the possibility of government overreach in the long run,” said Mark Hiriart, Head of Sales at digital asset firm Zerocap, in an email to CoinDesk.

“Although institutional participation may accelerate, macroeconomic conditions and regulatory clarity will determine whether this rally has staying power,” Hiriart added.

For now, market focus shifts to the upcoming White House Crypto Summit on March 7, which could provide further insights into the administration’s strategic reserve plan and its long-term implications for the crypto industry.