The recent movements in the Bitcoin options market are quite interesting. Traders seem to be focusing again on the key level of $100,000. As market sentiment gradually warms up, everyone appears to be preparing for a rebound in crypto assets.

According to Deribit data, among the options contracts expiring on January 30th, the open interest at the $100,000 strike price is the most concentrated. Interestingly, the notional value of call options at this level is twice that of the $80,000 put options expiring on the same day. What does this indicate? Traders' positions are quite consistent.

Wintermute OTC trading head Jake Ostrovskis analyzed that, although the overall scale isn't huge, the unified direction is significant—it reflects strong interest from large holders in the $100,000 level. More notably, the previously prevalent bearish put skew has significantly narrowed, suggesting that no one is betting on the worst-case downside scenario anymore.

Rails CEO Satraj Bambra laid out a very practical roadmap: a retest of the $100,000 to $106,000 range for Bitcoin is highly probable, which frequently appears in the options structure. But for a true rebound, Bitcoin must break through and stabilize above $106,000 on the weekly chart, making a retest of the all-time high possible. It seems this level will serve as a crucial relay point.