Bitcoin Options See Surge in Interest as Trump’s Crypto Reserve Announcement Fuels Market Rally
The Deribit-listed $100K strike call option has experienced the most significant surge in open interest over the past 24 hours.
Crypto Market Surges on Trump’s Announcement
Bitcoin (BTC) and the broader cryptocurrency market have witnessed a sharp bullish turnaround, driven by President Donald Trump’s revelation of the five digital assets he intends to include in the long-awaited strategic crypto reserve.
This announcement has reignited investor interest in Deribit’s call options, particularly those targeting the $100,000 price level, according to data from Amberdata.
BTC, the world’s leading cryptocurrency by market capitalization, has surged nearly 10% in just 24 hours, briefly surpassing $95,000, according to CoinDesk. Other digital assets highlighted by Trump—Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA)—have posted even more substantial gains.
Trump’s Crypto Reserve Plan Spurs Market Optimism
On Sunday, Trump took to Truth Social to confirm that he had directed the Presidential Working Group to proceed with establishing a strategic crypto reserve, with Bitcoin and Ethereum forming its core, alongside XRP, SOL, and ADA. The crypto community responded enthusiastically, particularly after months of frustration over the lack of progress on the initiative since Trump assumed office on January 20.
This development is being perceived as the emergence of a “Trump put” on crypto, implying that the administration may step in to stabilize the market during times of volatility—similar to how the Federal Reserve supports stock markets.
“Today, Trump signaled a ‘Trump put’ on crypto. This marks a key turning point, especially considering how BTC decisively broke through resistance amid historically low sentiment,” trader and analyst Alex Kruger said on X.
Kruger identified $89,000 and $92,000 as key support levels, suggesting traders can confidently enter long positions with well-defined risk thresholds.
Market analyst Josh Gilbert of eToro echoed this sentiment in an email to CoinDesk, stating, “With the President’s vested interest in crypto, investors may need to adjust their expectations—future market sell-offs could see similar support from the administration.”
Surge in $100K Strike Call Options Signals Bullish Sentiment
The recent rally has led to increased activity in the $100K strike call options on Deribit, indicating that traders are betting on further price appreciation despite persistent market volatility. Call options grant buyers the right to purchase an asset at a predetermined price before expiration, offering asymmetric upside potential.
According to Amberdata, open interest in the $100K call option has surged by 1,163 contracts—equivalent to over $100 million—the highest increase among all options on Deribit.
“$100K will be the key level to watch this week,” said Greg Magadini, director of derivatives at Amberdata. “The upcoming week will likely see a ‘buy the rumor, sell the news’ dynamic surrounding the March 7th crypto summit.”
Shifting Market Dynamics Favor Calls Over Puts
A broader preference for call options is becoming evident, as indicated by a rebound in short-term skew—a measure of the implied volatility premium for calls versus puts. The seven-, 30-, and 60-day skews have flipped positive, recovering from deep negative territory observed last Friday when traders rushed to buy protective puts.
“Traders tend to buy calls and sell puts when the market rebounds,” noted Lin Chen, Deribit’s Asia Business Development Head, in an interview with CoinDesk.
Challenges and Uncertainties Remain
Despite the market enthusiasm, some experts caution that the implementation of a U.S. crypto reserve may face hurdles.
“Nothing new here—just words. Let me know when they secure congressional approval to borrow funds or revalue gold. Without that, they have no money to buy Bitcoin or altcoins,” said Arthur Hayes, chief investment officer and co-founder of Maelstrom Fund, on X.
Others, including Bybit CEO Ben Zhou, share similar concerns.
“The current sentiment following the U.S. federal crypto reserve announcement is largely bullish, with expectations of institutional inflows and global competition for reserves. However, skepticism persists regarding execution, congressional approval, and potential long-term risks such as government intervention,” said Mark Hiriart, Head of Sales at digital asset trading firm Zerocap, in an email to CoinDesk.
Hiriart added that while institutions may increase their crypto exposure, unclear regulatory frameworks and macroeconomic conditions will ultimately determine whether the current rally is sustainable. The upcoming White House Crypto Summit on March 7 is expected to provide further insights into the administration’s crypto strategy.
