Bitcoin dropped below $100,000 following U.S. airstrikes on Iranian nuclear sites, but data from the options market shows investors remain optimistic.
The cryptocurrency briefly fell to $98,200 on Sunday, erasing about $40 billion in market value, before rebounding to around $101,000.
Open interest in Bitcoin options reached $51 billion, according to Coinglass, indicating strong engagement from market participants. This level is significantly higher than Ethereum’s $17 billion, reinforcing Bitcoin’s role as a digital store of value during global uncertainty.
On Deribit, the largest crypto options platform, call options account for 59.73% of open contracts compared to 40.27% for puts. This suggests a belief in Bitcoin’s recovery despite recent geopolitical shocks.
Trading volumes show more balance, with 24,780 BTC traded via put options and 24,168 BTC through call options over the past 24 hours. This indicates short-term caution among traders.
The most active contract speculates Bitcoin could fall to $95,000 or less by June 27. Another widely held position anticipates a rise to $105,000 by July 11. These positions reflect a strategy of hedging against near-term risk while maintaining a positive view on medium-term gains.
For Ethereum, call options make up 67.39% of open positions, suggesting even stronger optimism. Still, traders expect possible corrections toward $2,000–$2,200 by the end of June, pointing to continued volatility.
This pattern shows a more complex and risk-managed approach from institutional investors, who are moving beyond simple holding strategies.
Despite the drop below $100,000, the options market reflects confidence in Bitcoin’s future performance.
