Bloomberg: Option Traders Reload Bets on Bitcoin Rising to $100,000 by January

As of January 6, Bloomberg reports traders in the Bitcoin options market are refocusing on the $100,000 price level. Amid a shift to bullish sentiment, investors are expected to rotate back into crypto assets following the fourth-quarter market crash. Deribit—Coinbase Global Inc.’s derivatives trading platform—data shows the Bitcoin options market is most concentrated on $100,000-strike contracts expiring January 30. Their notional value is more than double that of the second-most popular contract: $80,000-strike puts expiring the same day. Jake Ostrovskis, Wintermute’s head of OTC trading, noted: “While the scale isn’t huge, the direction is consistent—it builds on the large $100k-strike positions seen last week. Some put skew still appears in the current curve, but it’s softened significantly. That said, I think the market no longer expects the most pessimistic downside moves, and conditions seem to be stabilizing slightly.” This marks a stark shift in sentiment from the late 2025 crypto crash, when spot markets continued to sell off and premiums for downside protection—via costly put options—surged. Satraj Bambra, CEO of hybrid trading platform Rails, says: “Retesting the $100k-$106k range isn’t out of the question—this is typical in bearish structures. For Bitcoin to turn bullish, it needs to reclaim and hold above $106k on a weekly timeframe to try challenging its prior all-time high.”