Six-Figure Bitcoin Call Options Surge as Traders Chase $100K+

Notably, Bitcoin's recent ascent past the $100,000 mark has reignited bullish enthusiasm. This upward trajectory has led traders to anticipate further gains, prompting increased interest in high-strike call options as a means to capitalize on potential price surges.

Are Bitcoin’s Speculative Bets on the Extreme Side?

Since some traders are placing ambitious bets, such as options wagering on Bitcoin reaching $300,000, a 190% increase from its current value of $103,249, these positions, while highly speculative, reflect a segment of the market banking on significant price movements.

Buying a $300,000 Bitcoin call option is a bullish bet on Bitcoin’s price exceeding that strike price before the option expires on June 27, which is three weeks away. 

Notably, if Bitcoin’s price rises above $300,000 before expiration, the buyer can buy BTC at the strike price ($300,000) and then immediately sell it at the higher market price, capturing a profit.

On the contrary, if Bitcoin’s price stays below $300,000, the option would not be worthwhile because BTC would be cheaper in the open market, causing the option buyer to lose the premium paid.

Bitcoin’s Market Volatility and Leverage

The surge in Bitcoin’s high-strike call options also reflects the market's volatility and the use of leverage. 

While these instruments offer the potential for significant gains, they also carry substantial risks.

Meanwhile, Bitcoin continues to take a wait-and-see approach based on various on-chain metrics.

For instance, BTC will need to break above the $106,000 zone for short-term momentum as Bollinger Bands continue narrowing, which indicates volatility compression. 

The wait-and-see approach is cemented by the fact that institutional demand for Bitcoin exchange-traded funds (ETFs) are cooling off.

For instance, CoinShares revealed that institutional exposure to Bitcoin fell to $21.2 billion in Q1 of 2025, down from $27.4 billion in Q4 2024, representing a 23% drop.

Furthermore, Bitcoin’s profit-taking activity among large players has been going through the roof with hourly cash outs hitting $500 million multiple times.

Historic Price Levels, Institutional Momentum, and New National Strategies Fuel Bitcoin's Path Beyond $100,000

Bitcoin's performance above $100,000 is underpinned by robust institutional investment, strategic governmental actions, favorable supply dynamics, and positive market sentiment.

Traders and analysts anticipate further gains, driven by these factors:

1. Institutional Adoption and ETF Inflows

The approval of spot Bitcoin exchange-traded funds (ETFs) in early 2024 has significantly bolstered institutional participation. 

Major financial institutions like BlackRock and Fidelity have launched Bitcoin ETFs, attracting substantial inflows. These ETFs collectively hold BTC worth $122.1 billion, accounting for approximately 5.94% of the total supply, effectively reducing market liquidity and supporting price appreciation.

2. U.S. Strategic Bitcoin Reserve

In March 2025, President Donald Trump signed an executive order establishing a U.S. Strategic Bitcoin Reserve, utilizing over 200,000 BTC seized by federal agencies. 

This move positions Bitcoin to be part of the mainstream economy alongside traditional reserve assets like gold, signaling governmental endorsement and potentially encouraging other nations to consider similar reserves.

3. Post-Halving Supply Constraints

Bitcoin's fourth halving in April 2024 reduced the block reward from 6.25 to 3.125 BTC, decreasing the rate of new supply. 

Historically, such halvings have preceded significant bull runs, as reduced supply amid steady or increasing demand exerts upward pressure on prices.

4. Accumulation by Long-Term Holders

On-chain data indicates a resurgence in accumulation among long-term holders (LTHs). Glassnode's Accumulation Trend Score has reached its maximum value of 1.0, reflecting strong buying activity. 

Over the past 90 days, more than 374,000 BTC have transitioned into long-term holdings, suggesting growing investor confidence in Bitcoin's long-term value.

5. Bullish Market Sentiment

Market analysts project continued price appreciation. Galaxy Digital's Alex Thorn forecasts Bitcoin potentially reaching $185,000 by the end of 2025. 

Anthony Scaramucci of SkyBridge Capital envisions a target of $200,000, citing increased institutional adoption and favorable regulatory developments.

6. Supportive Regulatory Environment

The current U.S. administration's pro-crypto stance has fostered a regulatory environment conducive to digital asset growth.

Initiatives like the establishment of the Strategic Bitcoin Reserve and the disbanding of the National Cryptocurrency Enforcement Team reflect a shift towards embracing blockchain technologies, potentially attracting further investment.

Conclusion

The explosion in $100K–$300K Bitcoin call options underscores a market characterized by optimism and speculative fervor as traders remain positive that BTC will continue trading above the psychological price of $100,000.

Nevertheless, this crypto bull case should not underscore the inherent risks triggered by the market’s volatile nature.