BTC Soars 10%, Bringing $100K Price Projections Back Into the Spotlight

The $100K strike call option listed on Deribit has seen the most significant surge in open interest within the past 24 hours.

Bitcoin (BTC) and the broader cryptocurrency market have experienced a strong bullish reversal over the last day, spurred by President Donald Trump’s announcement regarding the five tokens he intends to include in the long-awaited strategic crypto reserve.

This development has reignited investor enthusiasm for Deribit-listed call options, particularly those betting on BTC reaching the $100,000 mark, according to data from Amberdata.

Bitcoin, the world’s leading cryptocurrency by market capitalization, has surged nearly 10% in just 24 hours, briefly exceeding $95,000, according to CoinDesk data. Other cryptocurrencies highlighted by Trump—Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA)—have recorded even stronger gains.

On Sunday, Trump took to Truth Social to announce his directive for the Presidential Working Group to advance plans for a strategic crypto reserve. The reserve will be centered around Bitcoin and Ethereum while also incorporating XRP, Solana, and Cardano. This news was met with significant market optimism, as many industry participants had grown frustrated with the delay in implementing the reserve since Trump assumed office on January 20.

The market is now interpreting this move as a potential “Trump put” for cryptocurrencies, akin to the Federal Reserve’s interventions in stock markets during economic downturns.

“Today, Trump signaled there is a Trump put on crypto. This is sufficient to spark a trend reversal, especially given how BTC surged past resistance at a time when sentiment was at rock-bottom levels,” trader and analyst Alex Kruger stated on X.

Kruger added that BTC has now established key support levels at $89,000 and $92,000, providing traders with clear opportunities to enter long positions with defined risk levels.

Josh Gilbert, a market analyst at eToro, echoed a similar sentiment in an email to CoinDesk, stating, “With the President’s vested interest in crypto, investors may have to get accustomed to the idea that market corrections could be cushioned by policy decisions moving forward.”

In response to this shift, the $100K strike call has seen a notable increase in activity, signaling renewed trader confidence in Bitcoin’s upward trajectory despite ongoing market volatility. Call options allow traders to purchase an asset at a predetermined price before a specified expiration date, offering significant upside potential with limited downside risk.

Amberdata’s tracking shows that open interest in the $100K call has risen by 1,163 contracts—valued at over $100 million—the largest increase among all options currently listed on Deribit.

“$100K will be the key level to watch this week,” Greg Magadini, director of derivatives at Amberdata, said in an email. “This week’s market dynamics will likely be influenced by ‘buy the rumor, sell the news’ behavior leading up to the March 7th crypto summit.”

The broader shift toward call options is further underscored by a recovery in short-term skews, which measure the implied volatility premium of calls versus puts. The seven-, 30-, and 60-day skews have rebounded to neutral or positive territory, a stark contrast to the deeply negative levels seen last Friday when traders rushed to buy protective puts.

“Investors prefer buying calls and selling puts when sentiment shifts bullish,” noted Lin Chen, Deribit’s Asia Business Development Head, in a comment to CoinDesk.

Lingering Concerns

Despite the market’s enthusiasm, some analysts remain skeptical about the pace at which the crypto reserve initiative will move forward.

“Nothing new here—just words. Let me know when they secure Congressional approval to borrow funds or adjust gold valuations. Without that, they lack the capital to buy Bitcoin or altcoins,” Arthur Hayes, chief investment officer and co-founder of Maelstrom Fund, remarked on X in response to Trump’s announcement.

Others share similar concerns, including Bybit CEO Ben Zhou, who remains cautious about the long-term execution of the plan.

“While the market reaction to the U.S. crypto reserve announcement is overwhelmingly bullish, fueled by expectations of institutional adoption and a global race for crypto reserves, skepticism remains,” said Mark Hiriart, Head of Sales at digital asset trading firm Zerocap, in an email to CoinDesk. “Key challenges include regulatory uncertainty, Congressional approval, and the potential for future government intervention.”

Hiriart added that while institutions may enter the market in response to the policy shift, macroeconomic factors and regulatory developments will ultimately determine whether this rally has staying power. The upcoming White House Crypto Summit on March 7 is expected to provide further clarity on the crypto reserve initiative.

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