Bitcoin Gains Institutional Backing as Deribit-Listed Options Signal Surge

Institutional investors appear to be increasing their exposure to Bitcoin as bullish sentiment intensifies across the Deribit options market, according to recent data from the exchange.

“Institutional positioning on BTC has become far more evident when looking at flows over the past week,” Deribit said Friday on X, drawing attention to a wave of bullish activity.

Specifically, traders have been accumulating call options at the $110,000 strike level, with expiration dates in June and July — a move typically signaling expectations for further price appreciation. Deribit also observed a rise in calendar spreads involving long $140,000 strike calls expiring in September and short $170,000 strike calls expiring in December, a strategy often used to capitalize on near-term price strength with limited longer-term risk.

This uptick in call buying and strategic positioning suggests confidence that Bitcoin could continue climbing in the coming months, possibly toward the $140,000 mark or higher.

Call options grant the right to buy an asset at a specific price before expiration and are generally used to express a bullish view. Deribit also noted that many May-dated long call positions were rolled forward into July, focused around the $110,000–$115,000 range.

Bitcoin briefly surged past $104,000 on Thursday, up nearly 40% from its April lows under $75,000, bolstered by optimism surrounding a U.S.-U.K. trade agreement and ongoing inflows into spot Bitcoin ETFs. Technical signals remain positive, suggesting the rally could continue.

Ethereum (ETH) has also posted significant gains, jumping over 30% in two days to $2,411. This breakout has sparked renewed interest in ETH options on Deribit, with traders targeting $2,400 calls for June and setting up spreads anticipating upside toward $2,600–$2,800.