Bitcoin’s Bullish Surge Sparks Renewed Interest in $100K Call Options
The past 24 hours have marked a strong rebound in the crypto market, driven by President Donald Trump’s announcement regarding the inclusion of five major cryptocurrencies in the long-anticipated strategic crypto reserve. This development has reignited investor interest in Deribit-listed call options targeting the $100,000 price level for Bitcoin (BTC), as reported by Amberdata.
BTC, the world’s largest cryptocurrency by market capitalization, surged nearly 10% within a day, briefly surpassing $95,000, according to CoinDesk data. Meanwhile, the other tokens highlighted by Trump—Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA)—posted even more substantial gains.
On Sunday, Trump took to Truth Social to reveal that he had instructed the Presidential Working Group to advance plans for a strategic crypto reserve. This reserve would be centered around Bitcoin and Ethereum while also including XRP, Solana, and Cardano. The market responded with optimism, given the frustration over the lack of immediate action on this initiative since Trump’s inauguration on January 20.
This move has been interpreted as the emergence of a “Trump put” for the crypto market—an indication that the administration is willing to step in to support digital assets during periods of uncertainty, much like the Federal Reserve’s interventions in traditional financial markets.
“Today, Trump signaled that there is a Trump put on crypto. This is enough to trigger a trend reversal, especially considering Bitcoin’s decisive breakout after sentiment had hit rock bottom,” said trader and analyst Alex Krüger on X.
Krüger further noted that BTC has now established $89,000 and $92,000 as critical support levels, suggesting that traders can confidently enter long positions with well-defined stop-loss points.
Josh Gilbert, market analyst at eToro, echoed this sentiment in an email to CoinDesk, stating, “Given the President’s vested interest in crypto, investors may need to prepare for continued market interventions. Sell-offs of this nature could increasingly see government-backed support.”
Renewed Interest in $100K Bitcoin Calls
Amid this bullish shift, traders have significantly increased activity in the $100,000 strike call options, indicating strong expectations for further price appreciation. A call option grants the holder the right to purchase an asset at a predetermined price before a specific expiration date, offering asymmetric upside potential.
Amberdata’s latest figures reveal that open interest in the $100K call option has risen by 1,163 contracts—equating to more than $100 million in market value—making it the most actively targeted option on Deribit.
“$100K will be the key level everyone is eyeing this week,” said Greg Magadini, Director of Derivatives at Amberdata. “With the upcoming March 7 crypto summit, we anticipate ‘buy the rumor, sell the news’ dynamics to play out.”
The increasing preference for call options over put options is also reflected in the recovery of short-term volatility skews, which measure the implied volatility premium for calls relative to puts. The seven-day, 30-day, and 60-day skews have all bounced back to neutral or positive levels, reversing the sharp declines from last week when traders rushed to hedge with put options.
“Traders typically favor call options and reduce put exposure when the market rebounds,” noted Lin Chen, Head of Business Development for Asia at Deribit, in a statement to CoinDesk.
Skepticism Remains Over Execution of Crypto Reserve Plan
Despite the positive sentiment, some market participants remain cautious about the feasibility of the proposed crypto reserve.
“There’s nothing new here—just words. Let me know when they actually secure congressional approval or revalue the gold price higher. Without that, they don’t have the funds to buy Bitcoin or altcoins,” said Arthur Hayes, Chief Investment Officer and co-founder of Maelstrom Fund, in response to Trump’s announcement.
Ben Zhou, CEO of Bybit, shared a similar view, while Mark Hiriart, Head of Sales at digital asset trading firm Zerocap, provided a balanced perspective.
“The sentiment following the U.S. federal crypto reserve announcement is largely bullish, with expectations of institutional inflows and a global race for crypto reserves,” Hiriart stated. “However, skepticism remains regarding execution, the need for congressional approval, and long-term risks such as government intervention.”
He further noted that macroeconomic conditions and regulatory clarity would play a crucial role in determining whether the rally has staying power. The focus now shifts to the White House Crypto Summit on March 7, which is expected to provide further details on the administration’s crypto reserve plans.
