Bitcoin Bull Run Accelerates: Derivatives Traders Eye $100,000 Milestone in Early 2026

The cryptocurrency market has kicked off 2026 with a resounding bullish roar. As Bitcoin firmly establishes itself above the crucial $90,000 threshold, derivatives traders are demonstrating overwhelming confidence in the year ahead, aggressively positioning themselves for a potential surge towards the coveted $100,000 mark.

Data from Deribit, the world’s leading cryptocurrency options exchange, reveals a dramatic spike in demand for Bitcoin call options with a $100,000 strike price and a January-end expiry. This intense interest, observed since last Friday, signals a market not merely optimistic about January’s performance but strategically targeting the iconic six-figure valuation for the flagship digital asset.

Understanding the $100,000 Call Option Frenzy

A call option provides its buyer the right, but not the obligation, to purchase an underlying asset at a predetermined price (the strike price) within a specified timeframe. The burgeoning interest in these $100,000 strike options is a clear indicator: market participants are placing significant bets that Bitcoin’s price will meet or exceed this psychological barrier by the contract’s expiry.

Jasper De Maere, a strategist at prominent market maker Wintermute, highlighted that while recent market capital flows primarily involve “rolls” — adjusting positions after contract expiry — there has been a noticeable uptick in trading volume specifically for the January 30th expiring $100,000 call options.

Further reinforcing this trend, Amberdata reports a substantial increase in open interest (OI) for these particular options. In just the last 24 hours, OI surged by 420 Bitcoins, equating to a nominal value of approximately $38.8 million. This makes it the most significant increase among all January call options traded on the Deribit platform.

Collectively, the nominal value of call options positioned for Bitcoin to breach the $100,000 mark now stands at an staggering $1.45 billion, with a significant portion — $828 million — concentrated in options set to expire in January.

A Continuation of Bullish Momentum

This aggressive options positioning mirrors the predominantly bullish sentiment that characterized the market throughout 2025. During that period, traders consistently pursued high-strike call options ranging from $100,000 to $140,000, underscoring deep-seated confidence in Bitcoin’s medium to long-term growth trajectory.

Bitcoin itself has shown robust performance, quietly climbing approximately 5% within the first five days of 2026, even briefly touching above $93,000 earlier today. According to analysts at QCP Capital, a decisive breakthrough above $94,000 could serve as a potent catalyst, reigniting and intensifying demand for these bullish call options.

The “Short Gamma” Effect: Fueling the Rally

The current Bitcoin perpetual futures funding rate on Deribit has soared past 30%, a level indicative of traders being in a “Short Gamma” state. QCP Capital elaborates on the implications:

“This structural pressure first became apparent when Bitcoin broke past $90,000, channeling significant capital into perpetual futures and short-dated call options. Should Bitcoin firmly establish itself above $94,000, this ‘forced buying’ or FOMO (Fear Of Missing Out) effect is likely to be considerably amplified.”

This dynamic suggests that as Bitcoin’s price rises, market makers and other participants who are short gamma may be forced to buy the underlying asset to hedge their positions, thereby accelerating the upward price momentum.

With derivatives traders making such substantial bets, and technical indicators pointing to potential accelerations, the early days of 2026 are setting the stage for what could be a pivotal period for Bitcoin, as the digital asset makes a compelling push towards its next major psychological milestone.