Bitcoin $80K Call Becomes Deribit's Top Trade
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- Deribit's $80,000 call has overtaken the $60,000 put as the crypto options market's most popular trade, with open interest at the $80,000 strike exceeding $1.6 billion versus $1.41 billion for the put that had dominated positioning for months.
- Bitcoin wallets holding more than 10,000 BTC recorded net inflows for only the second week in 2026, pointing to whale accumulation rather than ETF-driven demand, according to Wincent senior director Paul Howard.
- BTC has rebounded above $70,000 from early-week lows near $67,000, supported by a temporary U.S.-Iran ceasefire that weighed on oil prices and strengthened hopes for Federal Reserve rate cuts.
- 21Shares analysts see scope for a move toward $100,000 by end of June, with crypto research strategist Matt Mena citing $1.5 billion in net BTC ETF inflows over the past month and a 6% increase in holdings by larger investors since the start of the year.
- Bitcoin is testing a major trendline drawn from its October 2025 record high above $126,000; a decisive breakout could open the door to $75,000–$80,000 initially, while rejection raises the risk of a pullback toward $65,000.
- Risks remain elevated — the U.S.-Iran ceasefire is fragile, and any renewed escalation could send oil prices higher, dampen risk appetite, and cap bitcoin's gains; U.S. Q4 GDP data is due later today.
Why it matters: Traders who spent months bracing for further declines are now paying up for upside, with $1.6 billion in $80,000 call open interest on Deribit alone. If the ceasefire holds and whale accumulation persists, the supply squeeze thesis gains real footing; if not, these concentrated bullish bets face sharp reversal risk.
