Current State of the Bitcoin Options Market: $100,000 Has Become a Key Level

GasFeeLover · 2026-02-16T14:24:44+00:00

Deribit options data shows that the market has significant disagreement about the future trend of Bitcoin, with put and call option open interest being close, indicating that the bears and bulls are evenly matched. Options at multiple strike prices reflect traders' cautious attitude toward downside risk, with multi-layered hedging against risks below $100,000, while expectations for extreme upward movement are relatively low.

GasFeeLover

2026-02-16 14:24:44

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According to CoinDesk reports, the latest data from the Deribit options trading platform reveals an interesting phenomenon in the crypto market—options contracts at different strike prices indicate divergent expectations among traders regarding Bitcoin’s future movement.

Bearish and Bullish Forces Confrontation

In the market, Bitcoin put options valued at $75,000 have accumulated a notional open interest of $1.159 billion, while call options valued at $100,000 have an open interest of $1.168 billion—both are nearly evenly matched. This close proximity in open interest suggests that market participants have clear disagreements about Bitcoin’s short-term trend, with the forces of bears and bulls roughly balanced, creating a subtle equilibrium.

Multiple Strike Prices Reflect Layered Expectations

Beyond these two main levels, put options at strike prices of $70,000, $80,000, and $85,000 also maintain substantial open positions, indicating that traders are hedging against downside risks at multiple levels. In contrast, aside from the key $100,000 level, trading activity in higher strike price call options is relatively limited, implying that the market’s betting on more extreme upward movements is not very strong.

This pattern reflects that current market participants are cautious about Bitcoin’s price near $100,000, balancing adequate protection against downside risks with limited expectations for prices above $100,000.

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