Bitcoin options traders are positioning for significant upside as the world’s largest cryptocurrency continues to hover near its all-time high.
Market data from Deribit shows growing open interest in far out-of-the-money (OTM) call options, particularly those with a $300,000 strike price expiring on June 27, 2025, signaling a bullish sentiment among speculative investors.
As of Tuesday, Bitcoin was trading around $106,000, less than 3% below its all-time high of $109,241 recorded on January 20, the day former U.S. President Donald Trump was inaugurated for a second term.
According to Deribit data compiled by crypto analytics firm Amberdata, contracts expiring on June 27 have the highest open interest across all maturities with concentrated activity at strike prices above $110,000.
The $300K call options rank second in open interest behind the more immediate $110K strike.
“Options skew remains bullish across tenors, with OTM calls trading rich versus puts out to 1 year — suggesting upside positioning,” said Jeffrey Howard, Head of North America at crypto brokerage firm Nonco.
Market sentiment has also improved following softer-than-expected U.S. inflation data and easing geopolitical tensions.
Analysts cite healthy inflows into crypto markets, particularly from corporate treasuries and ETF allocations while macro traders remain cautious due to unclear interest rate guidance.
As the call skew steepens, analysts warn of a potential gamma squeeze scenario. Increased call buying forces dealers to hedge by purchasing the underlying asset, amplifying upward price movements.
“If we look at dealer positioning on Deribit for BTC, we see dealers being short a lot of gamma at $110K as traders are buying options for new ATHs,” said Greg Magadini, Director of Derivatives at Amberdata. “Once Bitcoin enters uncharted price territory, there’s no clear ceiling.”
With short-term volatility subdued and risk appetite recovering, the focus now shifts to whether Bitcoin can break above its current resistance and sustain momentum.
Traders are watching the options market closely for cues on direction and velocity.
