Deribit Degens Flip Script: $80K Call Swaps Crown with $60K Put as Whales Pile Back In

Bitcoin's sentiment landscape appears to have completed a 180-degree turn, with traders now positioning for a potential push to $80,000. The bears have apparently gone on lunch break, and the bulls are back to doing what they do best—dreaming in round numbers.

On Deribit—the dominant player in the multi-billion dollar crypto options space—the $80,000 call has emerged as the most popular trade, displacing the $60,000 put that ruled positioning in recent months as prices languished. Open interest at the $80,000 strike currently sits above $1.6 billion, with each contract representing one bitcoin. The $60,000 put, by contrast, holds $1.41 billion in open interest. Apparently, $80K is the new $60K, and degens are nothing if not fashionably late to the party.

BTC has already bounced above $70,000 from early-week lows near $67,000, helped along by a temporary ceasefire between the U.S. and Iran that cooled oil prices. Should crude weakness persist, analysts see potential for eased inflation concerns—strengthening the case for Federal Reserve rate cuts, a backdrop that tends to be bullish for risk assets including bitcoin. Nothing says "bitcoin goes up" quite like Middle East diplomacy and the hope that Powell & Co. will eventually stop being such party poopers.

On-chain data adds further fuel to the bullish narrative. "For only the second week in 2026, Bitcoin wallets holding more than 10,000 BTC have recorded net inflows," noted Paul Howard, senior director at crypto liquidity provider Wincent. "This points to whale accumulation rather than ETF-driven demand. If sustained, it raises the likelihood of a supply squeeze that could push Bitcoin toward the $75,000–$80,000 range." The whales are apparently done doomscrolling and are back to doing what they do best—accumulating while the rest of us argue about memes on Twitter.

Analysts at 21Shares see room for even higher ambition. "Over the past month, we've seen more than $1.5 billion in net inflows into BTC ETFs, alongside an increase in holdings by larger investors of around 6% since the start of the year," said Matt Mena, crypto research strategist at 21Shares. "If geopolitical tensions ease and regulatory clarity improves, a move toward $100,000 by the end of Q2 cannot be ruled out." $100K by Q2? Bold take. Then again, we've all made worse predictions after a few too many energy drinks.

The caveat? The Iran ceasefire remains fragile. Any escalation could reignite oil prices and dampen risk appetite. Also on deck: U.S. fourth-quarter GDP data later today—though backward-looking, a surprise could still spark short-term volatility. Because nothing ruins a good bullish narrative like geopolitical chaos and economic data that refuses to cooperate.

From a technical standpoint, bitcoin is currently testing a major trendline drawn from October's record high above $126,000. A decisive breakout above this resistance level could open the door for a broader trend reversal, with initial targets in the $75,000–$80,000 zone—and potentially higher if momentum builds. Conversely, rejection at this level would reinforce the bear market structure and raise the risk of another pullback toward $65,000 or lower. Classic bitcoin: either we moon, or we get wrecked. Nothing in between.