Bitcoin Traders Bet Big on $100K Rally to Start 2026
Overview
Bitcoin traders are kicking off 2026 with substantial bets on a price rally, focusing on call options targeting $100,000 by January expiry. Deribit exchange sees a surge in interest for these bullish contracts, reflecting sustained positive sentiment from the previous year. Price movements above $94,000 could amplify this upward momentum.
Bitcoin traders ignited 2026 with a wave of options bets targeting prices above $100,000. A significant increase in interest for $100,000 strike January expiry call options on Deribit, the leading crypto options exchange, has been observed since Friday.
Options Surge
A call option grants the holder the right, but not the obligation, to buy an asset at a set price. The $100,000 call option signifies a bullish outlook, predicting Bitcoin's ascent past this mark before contract expiration. 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."
Data Highlights
In the past 24 hours, open contracts for this specific option increased by 420 BTC, translating to a notional open interest growth of $38.80 million. This figure represents the largest increase among all January calls and across all expiries on Deribit, where each contract corresponds to one Bitcoin. The options market recently showcased a total notional open interest of $1.45 billion, with January expiries alone accounting for $828 million.
Sentiment and Outlook
This positioning aligns with the broader bullish sentiment that characterized much of 2025, during which traders favored call options with strikes between $100,000 and $140,000. QCP Capital suggests that demand for these bullish plays could intensify if Bitcoin's price breaks beyond $94,000. The cryptocurrency has already appreciated approximately 5% in the first five days of the year, briefly surpassing $93,000 early Monday. QCP Capital further observed, "Post-[December] expiry positioning has shifted. BTC perpetual funding on Deribit has jumped above 30%, signaling dealers are now short gamma to the upside. This dynamic was evident as spot pushed through 90k, triggering hedging flows into perpetuals and near-dated calls." A sustained move above $94,000 could accelerate these effects.
