Traders Recalibrate Bitcoin Bets as $100K Options Regain Momentum
Bitcoin’s swift rebound above $84,000 has revitalized bullish sentiment in the options market, with the $100,000 strike once again emerging as the dominant target. Open interest at that level has climbed to nearly $1.2 billion, reflecting growing optimism after a week of macro uncertainty.
The turnaround follows a volatile stretch where BTC dipped below $75,000 amid renewed trade tensions. However, sentiment shifted after the Trump administration partially rolled back planned tariffs on tech imports, temporarily calming investor nerves.
Deribit data shows traders exited bearish put positions and rotated into upside calls ranging from $85K to $120K. The repositioning has brought key volatility skews back toward neutral and positive territory, a sign of reduced panic and a return to risk-on behavior.
Options activity remains concentrated at the $100K strike, signaling that market participants view it as a realistic near- to mid-term target. Meanwhile, protective demand persists at the $70K level, now the second most popular strike with $982 million in notional open interest.
