Bitcoin call options with a $80,000 strike price exceed $1.6 billion in open interest, as market participants bet on a confluence of price reversal and rate-cut expectations.

According to CoinDesk, as market sentiment improves, the Bitcoin options market is undergoing a notable shift: the $80,000 call option on Deribit has become the most actively traded, with open interest exceeding $1.6 billion—surpassing the previously dominant $60,000 put option (which held approximately $1.41 billion in open interest). Analysts suggest that the recent temporary ceasefire between the U.S. and Iran has driven oil prices lower, easing inflation expectations and potentially strengthening market anticipation of Federal Reserve rate cuts—thereby benefiting risk assets including Bitcoin. Additionally, asset management firm 21Shares stated that, against the backdrop of sustained ETF inflows and rising institutional holdings, Bitcoin could potentially reach $100,000 by the end of Q2—if geopolitical tensions ease further and the regulatory environment improves. However, risks remain: the current ceasefire is fragile, and any escalation in Middle Eastern conflict could trigger a rebound in oil prices, dampening market risk appetite and thereby capping Bitcoin’s upside potential.