Bitcoin Traders Flip the Script: $80K Calls Are the New Hottest Trade in Town

Bitcoin sentiment appears to have done a 180, with investors now positioning for a potential rally to $80,000. On Deribit—the dominant player in the multi-billion dollar crypto options market—the $80,000 call has emerged as the most popular trade, overtaking the $60,000 put that dominated positioning during the recent price slump. Because apparently, the crowd that was buying protection at $60K has suddenly decided $80K is where the party starts. Call it the "hopium pivot."

As of writing, open interest at the $80,000 strike sits at over $1.6 billion, with each contract representing one bitcoin. The $60,000 put trails with $1.41 billion in open interest. For those keeping score at home, that's nearly $3 billion in open interest just dancing around two price levels like it's a high school gym replay.

BTC has already bounced above $70,000 from early-week lows near $67,000, helped in part by a temporary ceasefire between the U.S. and Iran that pressured oil prices. Analysts note continued oil weakness could ease inflation concerns, potentially strengthening the case for Federal Reserve rate cuts—typically bullish for risk assets like bitcoin. Nothing says "recession? what recession?" like watching oil and bitcoin have an inverse relationship and somehow both being right.

On-chain data adds fuel to the bullish narrative. Bitcoin wallets holding more than 10,000 BTC have recorded net inflows for only the second week in 2026, "pointing to whale accumulation rather than ETF-driven demand," said Paul Howard, senior director at crypto liquidity provider Wincent. "If sustained, this raises the likelihood of a supply squeeze that could push Bitcoin toward the $75,000–$80,000 range." Translation: the big fish are buying the dip like it's Black Friday, and everyone else is just watching from the shore with a surfboard they haven't used yet.

Analysts at 21Shares see room for