Bitcoin’s $100K Call Takes the Lead as Traders Adjust to Market Volatility
As Bitcoin’s price correction reshapes market sentiment, traders are recalibrating their bullish bets, with the $100,000 call option overtaking the once-dominant $120,000 strike as the most popular trade on Deribit.
Currently, the $100,000 call boasts the highest notional open interest at $1.55 billion, while the $120,000 call, which held the top spot until last month, now ranks second with $1.33 billion. Notional open interest measures the total value of active contracts and is a key indicator of market positioning.
Call options grant the right—but not the obligation—to purchase Bitcoin at a specific price in the future. While high-strike calls generally signal bullish sentiment, the shift from $120,000 to $100,000 suggests traders are adopting a more cautious approach after Bitcoin’s recent dip below $80,000.
Adding to the near-term uncertainty, 25-delta risk reversals show a preference for protective puts through May, signaling that some traders are hedging against further downside risks.
Despite this cautious positioning, the broader sentiment remains optimistic. The total open interest in call options currently exceeds $16 billion—almost twice the $8.35 billion in put options—suggesting that traders still expect Bitcoin to resume its upward trajectory in the long run.
