Bitcoin Rockets to $93K, Traders Bet on $100K as CME Options Demand Skyrockets
Bitcoin (BTC) has shattered its $90,000 resistance barrier, surging past $93,000 to set a new all-time high. This remarkable rally is pushing traders on the Chicago Mercantile Exchange (CME) to flock to call options, betting on further gains and the possibility of bitcoin reaching the $100,000 mark.
Data from CF Benchmarks reveals a surge in demand for $100,000 call options on the CME, a key platform for institutional investors. A call option grants buyers the right to purchase bitcoin at a specific price before a predetermined date, and the rising activity reflects bullish sentiment among traders anticipating further price increases.
Thomas Erdösi, head of product at CF Benchmarks, highlighted that the 30-day constant maturity 25 delta skew has now crossed the 5 vol threshold, signaling stronger demand for upside exposure. The 25 delta skew is a key metric used to gauge market sentiment by comparing the pricing of call options versus puts, and this positive shift suggests traders are increasingly bullish on bitcoin’s future.
The growing interest is not limited to the $100,000 strike price; options with strikes above $100,000 are also seeing heightened demand, as reflected in the higher implied volatility for these contracts, according to CF Benchmarks data. This trend mirrors activity on the Deribit exchange, where traders have been betting on $100,000 call options since late September.
Bitcoin’s meteoric rise comes despite the strengthening U.S. dollar, with BTC soaring over 36% since the pro-crypto Donald Trump won the U.S. presidential election on November 5. The favorable election outcome and the anticipation of a more crypto-friendly regulatory environment are further fueling the optimism around bitcoin’s continued rally. With institutional and retail traders increasingly positioning for higher prices, the $100,000 target is now firmly in sight.
