Bitcoin Surpasses $93K as CME Traders Place $100K Bets, Ignoring Dollar Strength
Bitcoin (BTC) has surged past the $90,000 resistance and reached a new all-time high of over $93,000, prompting an influx of bullish bets on the Chicago Mercantile Exchange (CME). Traders are now loading up on $100,000 call options, with institutional investors following the lead of their counterparts on Deribit, as market sentiment continues to tilt strongly toward further price increases.
According to CF Benchmarks, demand for $100,000 call options has spiked, reflecting growing confidence that bitcoin will continue its upward trajectory. A call option allows traders to buy the underlying asset at a set price before a specific expiration date, signaling optimism about future price movements. As the 30-day constant maturity 25 delta skew breaches the 5 vol threshold, it suggests that traders are actively seeking exposure to upside potential, with call options now more expensive than put options.
This rising demand for call options is also visible in strikes above the $100,000 level, where implied volatility has surged, indicating heightened market expectations of further gains. Data from CF Benchmarks shows that CME’s derivatives are tracking the Bitcoin Reference Rate, and demand for higher strike options aligns with trends seen on Deribit, where large bets on $100,000 call options have been placed since late September.
Bitcoin’s rally continues to defy the strength of the U.S. dollar, having gained over 36% since Donald Trump’s pro-crypto victory in the U.S. presidential election on November 5. The favorable outlook for crypto under Trump’s administration, coupled with the expectation of a more welcoming regulatory environment, has spurred bullish sentiment, with traders now positioning for even greater price levels in the near future. As bitcoin prices soar to new heights, the $100,000 target appears more achievable than ever.
