Bitcoin traders opened 2026 on a bullish footing, piling into options that target a move into six-digit territory.
Since at least Friday, demand has been building for the $100,000 January-expiry call option on Deribit, the world’s largest crypto options exchange by volume and open interest. A call option gives buyers the right, but not the obligation, to purchase bitcoin at a predetermined price before the contract expires, making the $100,000 strike a direct wager on a rally 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.
Open interest in the $100,000 January call has surged over the past 24 hours, rising by 420 BTC, according to Amberdata. That increase translates into roughly $38.8 million in notional exposure — the largest gain among all January call options and across all expiries on Deribit, where each contract represents one bitcoin.
In total, the option now carries about $1.45 billion in notional open interest, with January expiry accounting for roughly $828 million, data from Deribit Metrics show.
The positioning echoes the bullish tone that dominated much of 2025, when traders consistently chased upside exposure at strikes ranging from $100,000 to $140,000.
According to QCP Capital, appetite for bullish option strategies could accelerate further if bitcoin extends its rally beyond $94,000. The cryptocurrency has climbed about 5% in the first five days of the year and briefly traded above $93,000 early Monday.
“Post-December expiry positioning has shifted. BTC perpetual funding on Deribit has jumped above 30%, signaling dealers are now short gamma to the upside,” QCP Capital said last week. “This was evident as spot pushed through $90,000, triggering hedging flows into perpetuals and near-dated calls.”
“A sustained move above $94,000 could amplify this effect,” the firm added.
