Bitcoin Derivatives Firepower Builds Toward Six-Figure Price Target

Bitcoin's price surge is gaining momentum, with futures open interest racing toward $58 billion and call options going berserk.

The derivatives market is showing a clear bullish bias, with calls representing 59.37% of options open interest, totaling 294,641.17 BTC, against 201,606.44 BTC in puts.

Traders are paying rich premiums to bet on higher prices, with IBIT call volume smashing a record 1.58 million contracts on Wednesday and staying above 1 million contracts for each of the next two sessions.

The biggest positions show where bitcoin derivatives traders are placing their bets, with Deribit's Sept. 25 $70,000 call leading open interest at 11,037.4 BTC and the Dec. 25 $80,000 call carrying another 8,749.3 BTC.