On Saturday, a trader on Deribit spent over $6 million purchasing call options (financial contracts) with a strike price of $100,000, expiring on March 28, according to Amberdata.
“This transaction reflects expectations that Bitcoin will reach new highs just a few months after Trump officially takes office,” Amberdata stated on its X platform.
Traders are also actively buying options with a strike price of $120,000, indicating strong expectations for further growth above this level. Call options with a strike price of $120,000 are currently the most popular on Deribit, with a total open interest of $1.52 billion.
A call option gives the buyer the right to purchase the underlying asset at a fixed price in the future. Buyers of such options typically have an optimistic outlook on the market and anticipate disproportionately large profits from expected price increases.
Interest in call options is rising amid attempts by Bitcoin to reclaim the $100,000 mark. At the time of writing, the leading global cryptocurrency was trading in the range of $99,000 to $99,500, which is 8% higher than the low of December 30, when the price fell to $91,400.
“The inauguration and the period immediately following it will be an ideal time for optimistic statements and policies that could act as a catalyst for Bitcoin’s growth,” noted Greg Magadini, Director of Derivatives at Amberdata, in the weekly newsletter.
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CF Benchmarks, a provider of regulated cryptocurrency indices, shares a similar view but warns that potential delays in policy development could temper optimism.
“A restructured SEC under cryptocurrency supporters could reduce enforcement risks and stimulate innovation. These changes, along with simplified compliance requirements, could enhance investor confidence,” stated the annual report from CF Benchmarks, received by CoinDesk. “We believe that a regulatory framework in the industry will be established, but possible delays in implementation or policy changes may temporarily dampen market optimism and cause short-term volatility.”
It is worth noting that expectations for pro-cryptocurrency regulatory changes contributed to improved sentiment in the cryptocurrency market following Donald Trump's victory in the November elections. In the weeks following the elections, Bitcoin's price rose from around $70,000 to new all-time highs exceeding $108,000. However, growth slowed in the second half of December, likely due to profit-taking at year-end and the Fed's hawkish stance on interest rates.
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Based on materials from coindesk.com.