Institutional interest in Bitcoin (BTC) is showing notable strength, particularly through activity in the Deribit options market, the exchange said Friday.
“Zooming out over the past week reveals a significant increase in institutional positioning on BTC,” Deribit posted on X, referencing a sharp uptick in bullish flows within the BTC options space.
The platform has reported substantial buying of call options at the $110,000 strike price, with expirations set for June and July. Additionally, traders have been executing calendar spreads — going long on $140,000 strike calls expiring in late September while simultaneously shorting $170,000 strike calls set to expire at year-end.
This demand for high-strike call options suggests that market participants are anticipating further upside for Bitcoin, potentially eyeing a climb toward $140,000 or beyond in the coming months.
Call options give holders the right, but not the obligation, to buy an asset at a specified price before a set expiration date. A buyer of a call is generally taking a bullish stance on the asset’s future price.
Deribit also noted rollover activity, with long call positions expiring in May being extended into July at strike prices between $110,000 and $115,000 — another indication of persistent bullish sentiment.
According to CoinDesk data, BTC briefly surpassed $104,000 on Thursday, representing a nearly 40% recovery from its April lows below $75,000. This rebound has been supported by renewed optimism surrounding a U.S.-U.K. trade deal and steady inflows into spot Bitcoin ETFs. Technical indicators continue to point to more potential upside.
Meanwhile, Ethereum (ETH) has also joined the rally. The native token of the Ethereum blockchain surged over 30% in just two days, reaching $2,411. This breakout has sparked fresh interest in ETH options on Deribit, with traders buying June call options at the $2,400 strike and longer-term call spreads targeting price moves up to $2,600–$2,800.
