Bitcoin traders kicked off 2026 with renewed optimism, loading up on options that position for a push into six-figure territory.

Since at least Friday, activity has picked up in the $100,000 January-expiry call option on Deribit, the largest crypto options exchange by volume and open interest. Call options grant buyers the right, but not the obligation, to purchase bitcoin at a predetermined price before expiration, making the $100,000 strike a clear wager on prices breaking into six digits.

“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.

According to Amberdata, open interest in the $100,000 January call has increased by 420 BTC over the past 24 hours, equivalent to roughly $38.8 million in notional exposure. That rise is the largest across all January call options and among all expiries on Deribit, where each contract represents one bitcoin.

Total notional open interest in the option now stands at about $1.45 billion, with January maturities accounting for roughly $828 million, data from Deribit Metrics show.

The aggressive upside positioning echoes the bullish tone that defined much of 2025, when traders consistently targeted call strikes ranging from $100,000 to $140,000.

QCP Capital noted that demand for bullish options could accelerate further if bitcoin extends its rally beyond $94,000. The cryptocurrency has gained about 5% in the first five days of the year and briefly traded above $93,000 early Monday.

“Post-December expiry positioning has shifted, with BTC perpetual funding on Deribit climbing 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 dynamic,” the firm added.