Bloomberg: Options traders turn bullish on Bitcoin to $100,000

According to Bloomberg, the Bitcoin options market shows that traders are once again focusing on the $100,000 price level. As market optimism rises, investors are expected to return to crypto assets after the significant downturn in the crypto market in the fourth quarter.

Data from Deribit, a derivatives trading platform under Coinbase Global Inc., indicates that the number of open contracts in the Bitcoin options market is most concentrated in contracts expiring on January 30 with a strike price of $100,000. Its nominal total value is more than double that of the second most popular options contract (a $80,000 put option expiring on the same day).

Jake Ostrovskis, head of over-the-counter trading at Wintermute, stated, "While the scale is not huge, the direction is consistent—this is based on the large positions at the $100,000 strike price that emerged last week. There is still some bearish premium in the current curve, but it has softened significantly. Therefore, I believe the market no longer seems to expect the most pessimistic downside scenario, and the situation is stabilizing slightly."

This marks a significant difference in market sentiment compared to the crypto crash at the end of 2025, when the spot market faced continuous selling, and the downside protection premium presented in the form of expensive put options soared. Satraj Bambra, CEO of the mixed trading platform Rails, believes, "It is not impossible to retest the $100,000 to $106,000 range, which is common in bearish structures. For Bitcoin to turn bullish, it needs to reclaim and hold above $106,000 on a weekly basis to attempt to challenge the historical highs again."