Bitcoin traders have kick-started 2026 with more options bets that might push the asset above six digits. On-chain data revealed that since at least January 2, there has been a surge in investor interest in the $100,000 level expiry call option listed on Deribit.
Data from the world’s largest crypto options exchange by volume and open interest suggests that the call option will give the purchaser the right to purchase the digital asset at a predetermined price in the future. The $100,000 call option on the exchange signals that traders are betting that BTC’s price will rally above that level on or before the expiry of the contract.
Altcoins surge in price in tandem with BTC
According to data from Amberdata, open contracts in that particular option have surged by 420 BTC in the past 24 hours. At current BTC price levels, the open contracts in the $100,000 level equate to an open interest increase of $38.08 million.
Those open contracts are also the most among all January calls across all expiries on Deribit. Deribit Metrics revealed that the option had recently attained a notional open interest of $1.45 billion. The firm also noted that the January expiry accounted for $828 million.
“Flow remains dominated by rolls, with a notable uptick in interest around the 30 Jan 100K calls.”
-Jasper De Maere, Desk Strategist at Wintermute.
The open contracts align with the current bullish sentiment that dominated most of last year. In 2025, traders purchased call options for $100,000 to $140,000. QCP Capital believes that those bullish option plays could increase if Bitcoin’s price continues to rally and pushes above the $94,000 level.
At the time of publication, Bitcoin is trading at around $93,065, up more than 1.9% in the last 24 hours. Bitcoin has also surged nearly 6.2% in the past 7 days and about 4% in the previous 30 days.
QCP Capital stated last week that the post-December expiry positioning has already shifted. The firm noted that Bitcoin perpetual funding on Deribit has increased above 30%, indicating that traders are currently targeting the upside.
QCP Capital also acknowledged that the shift was evident as spot prices pushed above $90,000, triggering hedging flows into perpetuals and near-dated calls. The firm believes that a sustained move above $94,000 could amplify the current effect.
Other altcoins also gained as markets opened on Monday, driven by a reaction from traders due to the fast-moving political situation in Venezuela. At the time of publication, Ethereum is trading around $3,174, up more than 1.83% in the last 7 days. ETH has also added nearly 1% for the day, but is down 7.61% in the last 12 months.
XRP has remained relatively unchanged in the last 24 hours, trading at around $2.128. The fourth-largest cryptocurrency has gained more than 7.3% over the past 7 days and approximately 1.2% in the last 30 days.
Solana plummeted by around 1.12% on Monday to $135.42. SOL is up more than 3% in the past 7 days.
U.S. intervention in Venezuela impacts crypto prices
The surge in the price of digital assets follows President Donald Trump’s announcement on Saturday to run Venezuela after capturing the country’s President Nicolas Maduro. The White House has offered few details of what the plan to run the country would entail, which has ignited geopolitical tensions.
Trump’s actions have ignited fears globally about the implications of the U.S.’s intervention in Venezuela and its potential impact on oil prices. The President has invited U.S. energy companies to invest billions of dollars in Venezuela’s vast oil reserves and repair the country’s damaged infrastructure.
On Monday, Venezuela’s Supreme Court also appointed Vice President Delcy Rodriguez as acting President, granting her full presidential powers in place of ousted Maduro.
Author of the WealthMastery crypto newsletter, Lark Davis, argued that traders were using BTC as a hedge while traditional markets remained closed. He also believes that the U.S’s initiative makes Bitcoin the front-running indicator of sentiment if the fallout is mainly centered on oil.
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