The Bitcoin market kicked off 2026 with a strong sense of optimism in derivatives trading. As the year began, traders leaned into aggressive options positions, driven by the anticipation of prices reaching six-figure levels. Particularly, there was a notable concentration in call options with a $100,000 strike price set to expire in January. This burgeoning interest highlights significant short-term market indicators. With rising open positions and funding rates, it is evident that professional traders are preparing for an upward scenario.
Focus on $100,000 in the Options Market
In the first week of 2026, the world’s largest cryptocurrency options exchange, Deribit, saw remarkable activity in terms of trading volume and open positions. From Friday onwards, there was a marked increase in demand for $100,000 strike call options with January expirations. For those unfamiliar, such call options grant investors the right to purchase assets at a predetermined price by a certain date, reflecting expectations that Bitcoin will surpass these levels.
According to Jasper De Maere, a Wintermute representative and OTC strategist, much of the trading activity focused on repositioning and rolling over, yet there was a noticeable spike in interest for the $100,000 options expiring on January 30, 2026.
Data from Amberdata revealed that in just the last 24 hours, open contracts for the aforementioned options increased by 420 BTC. This rise represents about $38.8 million worth of new nominal positions, marking the most rapid growth among January call options.
Signals Strengthening Expectations for a Rise in Derivatives Data
The concentration in the options market suggests that the optimism prevalent throughout 2025 is continuing into 2026. Last year, traders favored call options with strike prices ranging from $100,000 to $140,000, speculating on long-term upward trends. According to Deribit Metrics, the total nominal open interest for $100,000 strike options soared to $1.45 billion, with $828 million of this tied to January expirations alone.
Market strategists suggest that if the spot price settles above $94,000, this trend could accelerate further. Singapore-based QCP Capital noted that funding rates for Bitcoin perpetual futures surpassed 30%, making market makers more sensitive to upward movements. This setup potentially lays the groundwork for additional hedging as spot prices rise.
Bitcoin gained nearly 5% in the first five days of the year, briefly crossing the $93,000 mark. Analysts concur that if the price passes the $94,000 threshold, the positioning in derivatives markets could gain even more momentum.
