Bullish sentiment heats up! Traders kick off 2026 by rushing into Bitcoin $100,000 call options

Entering the first week of 2026, the cryptocurrency market is shrouded in a clear optimistic atmosphere. As Bitcoin reclaims the $90,000 level, market participants’ eyes are already turning to a higher target—the symbolic milestone of $100,000. According to data from Deribit, the world’s largest cryptocurrency options exchange, since last Friday (the 2nd), demand for Bitcoin call options with a strike price of $100,000 expiring at the end of January has accelerated, clearly reflecting bullish market expectations.

Options Trading Hits New Highs

To understand this market movement, it’s important to first understand what a call option is. Simply put, a buyer can purchase the underlying asset at a predetermined price within a specific future timeframe, without the obligation to do so. The surge in $100,000 strike call options indicates that the market is betting Bitcoin can successfully break through or stabilize above the $100,000 psychological barrier before or at the contract’s expiration.

Jasper De Maere, a strategist at market maker Wintermute, recently pointed out that although market funds are still mainly focused on contract rollovers, the trading volume of $100,000 strike call options expiring on January 30 has become a new focal point. According to Amberdata, in just the past 24 hours, open interest in these options increased by 420 Bitcoins, equivalent to approximately $38.8 million, making it the most increased options product on Deribit in January.

Further statistics reveal that the total notional value of call options betting on Bitcoin breaking $100,000 has reached $1.45 billion, with $828 million of that expiring in January alone, indicating high market confidence in a short-term price breakthrough.

Funding Rates Rise, Market Structure Hides Variables

This active options positioning continues the bullish sentiment that dominated the market throughout 2025. Over the past year, traders frequently chased high strike prices between $100,000 and $140,000, reflecting a firm optimism about Bitcoin’s medium- to long-term trend.

Currently, Bitcoin has gained over 5% in the first three weeks of 2026, reaching nearly $93,000 at its peak earlier this year. The current price hovers around $89,940, but this has not dampened traders’ enthusiasm for the future. Data shows that the funding rate for Bitcoin perpetual contracts on Deribit has surged past 30%, an abnormally high level that indicates the market is in a passive “Short Gamma” state—meaning short positions are on the verge of losses, and any upward movement could trigger a chain reaction of forced liquidations.

QCP Capital pointed out that once Bitcoin breaks through $94,000, the demand for bullish options is likely to heat up again. The firm further analyzed that when Bitcoin previously broke $90,000, this structural pressure began to manifest, prompting market funds to accelerate into perpetual contracts and short-term call options. If Bitcoin ultimately stabilizes above $94,000, the market’s momentum chasing the rally will likely be further amplified, creating a self-reinforcing upward cycle.

This evolution in market structure not only demonstrates the gathering strength of the bulls but also hints at potential liquidity and leverage challenges at certain price points.