Bitcoin traders started 2026 with a bullish tilt, ramping up options positions that point to a potential move into six-digit prices.
Demand has been building since at least Friday for the $100,000 January-expiry call option on Deribit, the world’s largest crypto options exchange by volume and open interest. A call option gives its holder the right, but not the obligation, to buy bitcoin at a predetermined price before the contract expires, making the $100,000 strike a direct bet on a rally above that level.
“Flow remains dominated by rolls, with a notable uptick in interest around the 30 January 100k calls,” said Jasper De Maere, desk strategist at Wintermute.
Open interest in the $100,000 January call rose by 420 BTC over the past 24 hours, according to Amberdata, adding roughly $38.8 million in notional exposure. That increase was the largest among all January call options and across all expiries on Deribit, where each contract represents one bitcoin.
The option’s total notional open interest now stands at around $1.45 billion, with January maturities accounting for about $828 million, data from Deribit Metrics show.
The upside positioning reflects the bullish sentiment that dominated much of 2025, when traders chased call options with strikes between $100,000 and $140,000.
QCP Capital said appetite for bullish option strategies could grow further if bitcoin’s rally extends beyond $94,000. The cryptocurrency has risen roughly 5% in the first five days of the year and briefly topped $93,000 early Monday.
“Post-December expiry positioning has shifted, with BTC perpetual funding on Deribit jumping above 30%, signaling dealers are now short gamma to the upside,” QCP Capital said last week. “This dynamic became clear as spot pushed through $90,000, triggering hedging flows into perpetuals and near-dated calls.”
“A sustained move above $94,000 could magnify this effect,” the firm added.
