$100K Bitcoin Calls Regain Popularity as Options Market Turns Bullish

Bitcoin traders are once again targeting six figures, with the $100,000 call option emerging as the most dominant play in the options market. According to Deribit data, open interest in that strike has ballooned to nearly $1.2 billion in notional value, signaling revived bullish sentiment after last week’s downturn.

The renewed appetite for upside bets comes as BTC rebounded to $84,000, recovering from recent lows under $75,000. The rally coincided with political turbulence in Washington: President Trump’s tariff announcement sparked chaos in bond markets, only to be partially walked back days later.

Though the administration offered temporary exemptions for tech products like smartphones and semiconductors, conflicting statements kept markets on edge. Still, traders responded with optimism, rotating out of bearish put strategies and loading up on upside calls.

“We saw a swift unwind of downside hedges and a move toward calls at $85K and $100K,” Deribit analysts said, describing the shift as a “capitulation flip.”

Volatility Skew Normalizes

Key metrics tracking sentiment in the options market have also turned. Implied volatility skew — a measure of demand for calls vs. puts — has returned to neutral or mildly bullish levels. The 30-, 60-, and 90-day skews are now above zero, reversing last week’s heavily negative bias.

The seven-day skew, which plunged to -14% during peak panic, has improved significantly, further reinforcing the idea that investor confidence is stabilizing.

Crowded Strikes Reflect Sentiment Shift

The options landscape now shows clustering around bullish strikes from $95K to $120K, while the $70K put remains the largest bearish hedge, with $982 million in open interest.

The shift in positioning suggests that, despite ongoing geopolitical and macroeconomic uncertainties, traders are preparing for a possible move toward the $100,000 mark — a level that continues to capture market imagination.