Bitcoin Traders Stack $100,000 Bets as Options Market Showcases Bullish Sentiment

Bitcoin's options market has seen traders stack heavy bets on the cryptocurrency reaching $100,000 in price. According to Deribit data, roughly $16.07 billion in Bitcoin (BTC) options are set to expire on Friday, with the heaviest bullish positions sitting at $90,000 and $100,000.

The current price of Bitcoin is around $81,292, a 20% climb within four days would be needed for these bets to pay off. A total of 121,676 calls against 68,333 puts have been placed, with the put/call ratio sitting at 0.56.

This means that there are nearly two bullish contracts for every bearish one. The single biggest call cluster sits at $85,000, about 5% above the current price of Bitcoin. Other clusters exist at $90,000 and $100,000, with a few reaching as high as $125,000, which would require a 54% rally.

The largest put cluster sits at $70,000, a level that Bitcoin cleared last week. Max pain for Friday's expiry sits at $73,000, the price at which the largest number of contracts would expire worthless. Bitcoin currently sits 10% above this price.