Options traders target bitcoin at $110,000–$120,000

Bitcoin’s price is regaining bullish momentum, reflected in rising activity in options with strikes between $110,000 and $120,000, according to Deribit and Amberdata.

Traders’ focus is concentrated on $120,000 call options. Aggregate notional open interest in these contracts has reached $1.52 billion.

The put–call ratio for all expiries on Deribit has fallen to 0.24, signalling a clear bullish bias among market participants.

Amberdata’s report says the 20 January inauguration of Donald Trump could be an important catalyst for the market.

According to the analysts, on Saturday a trader on Deribit spent more than $6 million buying $100,000 strike call options expiring on 28 March. In their view, this implies confidence in bitcoin’s imminent return to “six-figure territory”.

BTC Options Trade Worth Over > $6M ?

A trader spent over $6,000,000 on March 28, 2025, 100k calls!

This trade anticipates that new highs for Bitcoin will be broken just a few months after Trump officially takes office.

Source: AD Derivatives @genesisvol… pic.twitter.com/OPL6b7bxNp

— Amberdata (@Amberdataio) January 3, 2025

“Judging by this bet, the trader expects that new all-time highs for the first cryptocurrency will be reached just a few months after Trump officially takes office,” — the researchers explained.

The futures market also shows encouraging signs of resilience. According to Coinglass, funding rates for bitcoin and Ethereum long positions are hovering around ~10% annualised.

“Such indicators point to a stable environment with potential for further market growth,” — said Ryan Lee, chief analyst at Bitget Research, in a conversation with The Block.

He said improving liquidity remains an important factor, reflected in the renewed growth of stablecoin market capitalisation, which has increased by $3 billion over the past week. Lee added that one of the main reasons for this is institutional activity. 

Earlier, former BitMEX CEO Arthur Hayes predicted a “painful drop” in bitcoin amid Trump’s inauguration.