Bitcoin options markets indicate traders are optimistic about a potential return to the $US100,000 price level. This outlook emerges after the crypto market experienced a significant downturn in the fourth quarter of 2025, suggesting a belief that investors will regain confidence in digital assets.
Data from Coinbase Global’s Deribit derivatives exchange reveals that open interest in Bitcoin options is concentrated on contracts expiring on January 30, with a strike price of $US100,000. Open interest refers to the number of outstanding contracts. The total notional value of these contracts is more than double that of the next most popular option – put options at a strike price of $US80,000, also expiring on the same date.
Jake Ostrovskis, Head of Over-the-Counter Trading at Wintermute, noted the significance of this trend. Wintermute is a leading global market maker in digital assets, focused on providing liquidity across various cryptocurrency exchanges and trading platforms. Ostrovskis stated, “Size isn’t enormous, but direction is consistent – and builds on the large $US100,000 strike interest flagged last week.” He added that the market appears to be softening its expectations of further downside activity, as evidenced by a decrease in put premium in the curve.
This represents a notable shift from the late 2025 crypto downturn, during which sustained selling pressure in the spot market coincided with a surge in premiums for downside protection through costly put option contracts.
