Recovery in Bitcoin Bullish Options Buying! $100,000 Emerges as Key Price Zone

Market data shows that Bitcoin briefly fell below $75,000 last week, triggering heightened risk aversion in the market. However, following Trump’s sudden announcement to suspend high import tariffs imposed on multiple countries, global risk assets quickly rebounded. Analysts generally believe that the sharp volatility in the U.S. bond market was the key trigger prompting Trump’s retreat.

Despite the fluctuating policy statements, the rebound trend in Bitcoin prices has already begun, with traders starting to rebuild their bullish positions. According to an announcement from the crypto derivatives trading platform Deribit, there has been a significant inflow of funds into “Call Options,” especially within the rebound range of BTC, where a large volume of call options in the price range of $85,000 to $100,000 has been purchased; conversely, the widely held Put Options in the $75,000 to $78,000 price range have been sold off.

Deribit stated in a market update:

“Trump’s retreat due to the bond market crisis shifted the market narrative from ‘hardline confrontation’ to ‘compromise and concession,’ leading to a strong price rebound from panic selling. A large number of put positions were withdrawn, while calls in the $85,000 to $100,000 range quickly accumulated.”

This adjustment in options positions is also directly reflected in market risk preference indicators. According to data from Amberdata, the options “skew” indicator, which reflects market panic sentiment, has shown significant recovery. Skew measures the difference in demand for call options relative to put options; negative values represent increased market hedging willingness, while positive values indicate strong bullish confidence.

Currently, the skew indicators for 30, 60, and 90 days have rebounded from last week’s deep negative values to a neutral range of “slightly above 0,” indicating that hedging demand is waning and buying sentiment is turning bullish. Although the seven-day skew remains negative, it has significantly improved from the previous week’s -14%, showing a clear enhancement in market sentiment.

Additionally, Deribit’s Open Interest distribution also indicates a clear tendency for bullish positions. Latest data shows that the most popular options contract in the market is the “Bitcoin Call Option at $100,000,” with a notional open interest value nearing $1.2 billion, making it the focus of attention for medium-term bets.

Besides the $100,000 call options, $120,000 call options have also seen renewed buying interest. In comparison, the $70,000 put options are the second most popular contract, with a total notional open interest value of $982 million.

Overall, the focus of the Bitcoin options market is gradually shifting from hedging to speculative bullishness. If Bitcoin can maintain above $80,000 and continue to build momentum, the $100,000 mark will become a key observation point for future bullish momentum and market sentiment.