Bitcoin’s $100K Call Overtakes $120K Bet as Market Sentiment Adjusts
The recent downturn in the crypto market has led traders to scale back their bullish expectations, with Bitcoin’s (BTC) $100,000 options call surpassing the once-dominant $120,000 bet as the most popular trade.
As of now, the $100,000 call option holds the top position on the Deribit exchange, boasting a notional open interest of $1.55 billion. Meanwhile, the $120,000 call, which led until last month, has slipped to second place with a notional open interest of $1.33 billion. Notional open interest represents the total dollar value of active contracts in the market.
A call option grants its holder the right—but not the obligation—to buy BTC at a predetermined price in the future. When traders accumulate high open interest in out-of-the-money calls like the $100,000 and $120,000 strikes, it typically signals strong bullish sentiment. However, the shift toward the lower strike price suggests traders are taking a more cautious stance following Bitcoin’s dip below $80,000.
Further signs of market hesitation can be seen in 25-delta risk reversals, which currently show negative readings through the end of May. This indicates greater demand for protective put options, reflecting concerns over a prolonged price correction.
Despite short-term caution, bullish sentiment remains strong beyond May. The total value of open call options currently exceeds $16 billion—almost double the $8.35 billion held in put options, suggesting that traders still expect Bitcoin’s price to rally in the long run.
