Bitcoin’s $100K Call Option Surpasses $120K as Market Cools

As Bitcoin’s price pullback forces traders to reassess their bullish outlook, the $100,000 call option has emerged as the most popular trade, overtaking the previously dominant $120,000 bet on Deribit.

Currently, the $100,000 call holds a notional open interest of $1.55 billion, making it the leading BTC options contract. Meanwhile, the $120,000 call, which held the top spot until last month, now sits in second place with a notional open interest of $1.33 billion. Notional open interest represents the total value of active contracts in the market.

Call options provide traders with the right—but not the obligation—to purchase BTC at a predetermined price in the future. A strong buildup in high-strike calls typically signals bullish sentiment, but the shift from $120,000 to $100,000 suggests traders are becoming more cautious following Bitcoin’s drop below $80,000.

Further evidence of near-term market caution can be seen in 25-delta risk reversals, which indicate a preference for protective puts through May. This suggests some traders are hedging against the possibility of further price declines.

However, sentiment beyond May remains firmly bullish. The total value of open call options currently stands at over $16 billion—nearly double the $8.35 billion in open puts—indicating that many traders still anticipate a strong Bitcoin rally in the months ahead.