Bitcoin Market Outlook Flips Bullish: $100K Calls Hit $1.2B Open Interest Surge

Bitcoin is catching bullish momentum as options traders double down on bets for a $100K breakout. The Bitcoin market outlook has shifted from panic to optimism. This shift is largely influenced by macro-driven recovery and sentiment stabilization in derivatives. 

Fueled by a recent bounce above $84,000, the market witnessed a dump in protective puts. It has a lift in calls, especially around the $85K–$100K strike. This rally coincides with geopolitical noise, including U.S. tariff confusion, prompting traders to revisit upside plays. This surge is signaling confidence in continued BTC price appreciation.

Sentiment Reversal in the Options Market

The rebound in BTC price over the past week has coincided with a clear shift in sentiment in the options market. Earlier dominated by heavy put interest, the latest action shows a significant tilt toward calls, especially those targeting $100K. This signals that traders are expecting further gains and are positioning themselves for long exposure via derivatives.

Chart 1 – BTC Skew Constant Maturity, published on Amberdata, April 14, 2025.

The Amberdata report reveals that the Bitcoin call options trend has returned in force. It is pushing suggested volatility skew readings (call vs. put demand) from sharply negative to neutral or mildly positive levels. These levels are across the 30-, 60-, and 90-day windows. The 7-day skew is still negative. It is noticeably a strong sign that panic is receding and the Bitcoin market outlook is stabilizing.

Options Traders Bet Big on $100K

The clearest sign of bullish conviction is the massive open interest in $100K calls on Deribit. With over $1.19 billion in notional open interest, this strike has emerged as the single most popular target among options traders. According to Deribit, the bulk of activity happened as BTC surged past $85,000. This suggests flipping sentiment and put-heavy positions around $75K–$78K.

Chart 2 – BTC Open Interest by Strike—Calls (Notional), published on Amberdata, April 14, 2025.

The Bitcoin call options trend was evident even before the price bounced, as traders anticipated macro-induced policy pivots. The recent bond market turmoil and tariff confusion involving President Trump added fuel. 

Chart 3 – BTC Open Interest by Strike—Puts (Notional), published on Amberdata, April 14, 2025.

Traders have also been building positions in $120K strikes and beyond. While $70K puts remain the next most active contract, highlighting a bifurcation in sentiment. The clear dominance of call contracts at higher strikes illustrates a revived Bitcoin market outlook.

What’s Next for Bitcoin Traders?

With the recent shift in momentum, traders are eyeing not just price but also policy developments and liquidity flows. If macro conditions remain favorable with no market volatility, the growing BTC surge may propel Bitcoin toward the six-figure zone. The options market is now leading this charge rather than trailing it.

Amberdata’s analytics show a rise in mid-term call volumes, particularly those expiring beyond 60 days. This suggests confidence isn’t just a short-term reaction but part of a broader strategic reallocation. Traders looking to ride this BTC surge may now prioritize call accumulation over traditional spot accumulation.

Final Words: Outlook Turns Optimistic

The Bitcoin market outlook has shifted toward bullish territory, with the $100K strike now dominating options activity. Rising call volumes, stabilized volatility, and improving macro sentiment suggest that this rally is rooted in strategic positioning. Traders are increasingly favoring upside moves, reinforcing confidence in a sustained BTC surge.

If this momentum continues, both spot and options markets will likely drive further upside in the BTC price in Q2 2025. The strong interest in higher strike calls reflects a calculated belief that six-figure Bitcoin is a growing probability.