PANews reported on January 6th, citing Bloomberg, that the Bitcoin options market shows traders are refocusing on the $100,000 price level. With rising market optimism, investors are expected to return to crypto assets after a potential crash in the fourth quarter of 2025. According to Deribit data, the number of open contracts in the Bitcoin options market is most concentrated in contracts expiring on January 30th with a strike price of $100,000. Their total notional value is more than double that of the second most popular options contract (a put option expiring on the same day with a strike price of $80,000).
Jake Ostrovskis, head of OTC trading at Wintermute, stated that while the size isn't large, the direction is consistent, and this situation arose on top of a large position at the $100,000 strike price last week. The current curve still shows a bearish premium, but it has significantly weakened; the market no longer seems to anticipate the most pessimistic downside, and the situation is stabilizing slightly. Rails CEO Satraj Bambra stated that a retest of the $100,000 to $106,000 range is possible, which is common in bearish structures; for Bitcoin to turn bullish, it needs to recover and hold above $106,000 on the weekly chart before attempting to challenge the all-time high again.


