Institutional investors are ramping up their exposure to Bitcoin, as activity in Deribit’s BTC options market points to increasingly aggressive positioning, according to the exchange.

“Looking at the broader picture from the past week, there’s a clear uptick in institutional demand for BTC exposure,” Deribit said in a post on X, highlighting strong bullish momentum in recent options trades.

The exchange reported significant interest in call options at the $110,000 strike, with contracts expiring in June and July. Traders are also deploying calendar spreads — buying September $140,000 strike calls while simultaneously selling December $170,000 strike calls — a move that indicates expectations of a sharp rally followed by consolidation.

Such positioning suggests a confident outlook on Bitcoin’s price trajectory, with traders preparing for a potential surge toward $140,000 and beyond over the coming months.

Call options grant holders the right to purchase an asset at a specified price before a given expiration date, and are typically used by those anticipating price increases.

Deribit also noted rollover activity as traders shifted bullish positions from May to July expiries, focusing on the $110,000 to $115,000 range — reinforcing the theme of continued upside sentiment.

Bitcoin topped $104,000 on Thursday, according to CoinDesk, rebounding nearly 40% from lows below $75,000 in April. The rally is being fueled by favorable macro news, including a new U.S.-U.K. trade deal, and ongoing inflows into spot BTC ETFs. Technical patterns suggest that further gains may be in store.

Ether (ETH) has also joined the rally, climbing more than 30% in two days to reach $2,411. The move has ignited bullish activity in ETH options as well, with traders targeting June $2,400 calls and placing longer-dated spreads that anticipate a move up to the $2,600–$2,800 range.