Deribit Sees Bitcoin’s $100K Call Dominate as Interest Shifts From $120K Strike

Bitcoin’s $100K Call Becomes Top Deribit Bet as Traders Adjust Bullish Targets

Following Bitcoin’s recent price dip, traders have shifted their focus to a more conservative bullish target, with the $100,000 call option surpassing the previously favored $120,000 strike as the most popular bet on Deribit.

At present, the $100,000 call option leads with a notional open interest of $1.55 billion, while the $120,000 call, which dominated until last month, has slipped to second place with $1.33 billion. Notional open interest reflects the total dollar value of active options contracts in the market.

Call options give holders the right—but not the obligation—to buy Bitcoin at a predetermined price in the future. When traders pile into high-strike calls, it typically indicates optimism. However, the shift from $120,000 to $100,000 suggests that investors are tempering their expectations after Bitcoin’s recent drop below $80,000.

Signs of caution are also visible in the 25-delta risk reversals, which indicate a preference for protective puts through the end of May. This suggests some traders are hedging against the potential for further downside.

Despite this short-term pullback in sentiment, bullish positioning remains dominant. The total value of open call options exceeds $16 billion—almost double the $8.35 billion in open put contracts—reinforcing optimism for Bitcoin’s long-term trajectory.

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