Bitcoin Traders Kick Off 2026 with Bets on Price Rally Above $100,000

Why It Matters

The surge in high‑strike call buying signals strong bullish sentiment, which could amplify price moves and influence liquidity across spot and derivatives markets.

Key Takeaways

• Open interest in $100k calls rose 420 BTC
• Notional growth equals $38.8 million, highest among January calls
• Total open interest $1.45B; $828M Jan expiry
• BTC price up 5% early 2026, near $93k
• Perpetual funding >30% indicates short gamma, bullish pressure

Pulse Analysis

Deribit’s options market has become a barometer for Bitcoin’s directional bets, and the recent influx into the $100,000‑strike call underscores a decisive shift from sideways trading to a rally mindset. By adding 420 BTC of contracts—equivalent to $38.8 million in notional exposure—the $100k call now dominates January expiries, reflecting traders’ willingness to lock in upside potential well above current levels. This concentration of capital not only inflates open interest but also tightens implied volatility, setting the stage for sharper price reactions as expiration approaches.

The dynamics behind this bullish positioning are rooted in the mechanics of funding rates and gamma exposure. With perpetual funding on Deribit climbing past 30%, market makers are effectively short gamma, meaning they profit when price moves stay within a narrow band but incur losses on strong upward moves. As Bitcoin breached the $90,000 threshold, dealers were forced to hedge by purchasing near‑dated calls, reinforcing the upward pressure. Analysts at QCP Capital warn that a sustained breach of $94,000 could trigger a feedback loop, where higher funding rates drive more hedging, further propelling the price.

Looking ahead, the $100k call activity may serve as a leading indicator for institutional entry points and broader market sentiment. A successful rally past the six‑digit mark could attract new capital, deepen liquidity, and validate the bullish narrative that has dominated much of 2025. Conversely, failure to maintain momentum might prompt a rapid unwind of leveraged positions, spiking volatility. Stakeholders—from traders to asset managers—should monitor open‑interest trends, funding differentials, and on‑chain metrics to gauge the durability of this rally and its implications for Bitcoin’s role as a digital store of value.