According to recent data from Deribit, there is a growing enthusiasm among Bitcoin (BTC) investors for call options set to expire in January, particularly those with a strike price of $100,000. This surge in option activity follows a period of uncertainty where many traders remained hesitant due to Bitcoin”s declining performance throughout late 2025. However, recent price movements have reignited interest.
Today, Bitcoin experienced a brief increase, surpassing the $93,000 mark, prompting traders to engage more actively in the options market. Data indicates that the open interest for these $100,000 call options has escalated to approximately $1.45 billion, with a notable addition of 420 BTC within just the last 24 hours. Jasper De Maere, a strategist at Wintermute, remarked, “The market flow is still heavily dominated by option renewals, with a noticeable increase in interest, particularly in the $100,000 options due on January 30.”
Analysts from Singapore-based QCP Capital have also observed a clear upward trend in the options market. They emphasize that if Bitcoin”s price maintains a significant rise above $94,000, the demand for call options could further increase. The funding rate for BTC perpetual futures on Deribit has reportedly exceeded 30%, indicating strong market dynamics.
As the options brokers find themselves in a short gamma position, they are compelled to buy Bitcoin as a hedge against potential losses. If the price trajectory continues to point upwards, this buying pressure from brokerage firms is likely to amplify, creating a positive feedback loop in the market.
This development suggests that investors are increasingly betting on a bullish scenario for Bitcoin as we approach the end of January. While the market remains volatile, the current interest in high-strike call options reflects a growing confidence among traders in Bitcoin”s potential recovery and upward momentum.
