Bitcoin (BTC) has reignited bullish sentiment among options traders, with a significant surge in bets targeting a price breakout above $100,000 by the end of January 2026. After a quiet rise, BTC briefly climbed above $93,000, sparking increased activity in the derivatives market.
According to data from Deribit, the world's largest crypto options exchange, the total open interest for $100,000 strike call options expiring on January 30 has risen to a notional value of $1.45 billion. In the past 24 hours alone, open contracts for these specific options increased by 420 BTC, equivalent to approximately $38.08 million at current prices. This particular option now holds the most open interest among all January expiry calls on Deribit, with January expiries accounting for $828 million of the total.
Market analysts point to a clear upward trend in options activity. Jasper De Maere, Desk Strategist at Wintermute, noted, "Flow remains dominated by rolls, with a notable uptick in interest around the 30 Jan 100K calls." This sentiment is echoed by Singapore-based QCP Capital, which believes that if BTC's price sustains a move significantly above $94,000, demand for call options could increase further.
The bullish positioning is further evidenced by a spike in funding rates for BTC perpetual futures on Deribit, which have exceeded 30%. QCP Capital analysts explained that options brokers are in a 'short gamma' position, meaning they are forced to buy BTC to hedge against potential losses if the price continues to rise. This creates a feedback loop where rising prices could intensify buying pressure from these firms.
This options activity aligns with the bullish sentiment that dominated much of 2025, where traders previously purchased call options with strikes between $100,000 and $140,000. At the time of reporting, Bitcoin was trading around $93,065, up 1.9% in 24 hours and nearly 6.2% over the past week.
Some analysts also link the current market movement to geopolitical tensions. The recent U.S. political intervention in Venezuela, following the capture of President Nicolas Maduro, has ignited fears about oil price implications. Lark Davis, author of the WealthMastery newsletter, suggested traders might be using BTC as a hedge while traditional markets are closed, making Bitcoin a front-running indicator of sentiment if the fallout centers on oil.
