Bitcoin traders wasted no time in 2026, snapping up call options that bet on a price surge past $100,000. Data from Deribit shows the January-expiry $100,000 strike call saw open interest climb by 420 BTC in just 24 hours, the largest increase among all January calls on the exchange.
420 BTC Added in 24 Hours
According to Amberdata, the notional value of those fresh positions reached $38.8 million, pushing total open interest in that specific option to $1.45 billion — with January expiry accounting for $828 million. Deribit is the world's largest crypto options venue by volume and open interest.
A call option grants the buyer the right, but not the obligation, to purchase the underlying asset at a predetermined price on or before expiry. The $100,000 call essentially is a bet that bitcoin's price will rally above that level. "Flow remains dominated by rolls, with a notable uptick in interest around the 30 Jan 100k calls," said Jasper De Maere, desk strategist at Wintermute.
Bullish Continuation from 2025
The positioning extends the bullish sentiment that dominated most of 2025, when traders chased calls at strikes from $100,000 to $140,000. Bitcoin has risen about 5% in the first five days of the year, briefly touching $93,000 on Monday.
QCP Capital noted last week: "Post-December expiry positioning has shifted. BTC perpetual funding on Deribit has jumped above 30%, signaling dealers are now short gamma to the upside." The firm added that a sustained move above $94,000 could amplify this gamma effect, driving further hedging flows into perpetuals and near-dated calls. "A sustained move above 94k could amplify this effect."