Renewed Options Flow Hints at Bitcoin’s Return to $100K Bullish Narrative

Bitcoin Options Market Lights Up as $100K Bets Dominate Post-Tariff Whiplash

After a whirlwind week in markets, Bitcoin’s rebound is sparking fresh waves of optimism in the options arena — with the elusive $100K strike suddenly back in favor among traders.

Following a dip below $75K last week, Bitcoin has snapped back to over $84K, aided by geopolitical maneuvering and shifting narratives out of Washington. The Trump administration’s abrupt pivot on tariffs — particularly the walk-back of tech-related duties — appears to have reset the tone across both equities and crypto.

But while equities regained ground, Bitcoin options traders seized the moment. Deribit data shows a renewed frenzy around upside call options, with the $100,000 strike leading the charge. Open interest at that level has ballooned to nearly $1.2 billion, reclaiming its place as the most popular bet among speculators.

“Traders dumped protective puts and dove into aggressive calls between $85K and $100K,” Deribit noted in a Friday bulletin. “Sentiment snapped from panic to opportunistic almost overnight.”

Sentiment Metrics Recover

Implied volatility skews — long seen as a pulse on trader psychology — have also swung sharply. The 30-, 60-, and 90-day skews have returned to positive territory after sinking to bearish extremes last week. Even the short-term seven-day skew, once deeply negative, now shows signs of stabilization.

This suggests less demand for downside protection and rising interest in upside exposure — a pattern consistent with historical BTC surges.

Options Heat Map Paints Bullish Picture

An options heat map of open interest reveals concentrations of calls not just at $100K, but further up at $110K and $120K. Meanwhile, the $70K put has emerged as the most crowded downside hedge, with open interest sitting at $982 million.

As uncertainty around tariffs, inflation, and fiscal policy lingers, Bitcoin’s options market may be offering a clear signal: the bulls are back — and they’ve got their sights set on six figures.