Deribit Degens Flip Script: $80K Bitcoin Call Overwhelms $60K Put as Crowd Darling

Bitcoin market sentiment just did a backflip off the volatility trampoline. Traders are now cramming into $80,000 calls like it’s a last-chance Lambo pre-sale, betting the asset will moon past that level with the grace of a degen on three espressos.

On Deribit — the gladiator pit where crypto options go to die or get rekt — the $80,000 call has staged a hostile takeover of the spotlight. It’s now the most crowded trade, dethroning the once-dominant $60,000 put that ruled during the bloodletting. As of writing, open interest at the $80,000 strike towers above $1.6 billion, with each contract representing one bitcoin. The $60,000 put? Currently sunbathing at $1.41 billion, probably wondering how it got ghosted so fast.

$BTC has bounced back above $70,000 from early-week wobbles near $67,000, buoyed by a temporary U.S.-Iran ceasefire that sent oil prices into a midlife crisis. Weaker oil could calm inflation nerves and boost hopes for Fed rate cuts — catnip for risk assets, especially Bitcoin, which treats monetary policy like its personal mood ring.

On-chain data pours jet fuel on the rally bonfire.

"For only the second week in 2026, Bitcoin wallets holding more than 10,000 $BTC have recorded net inflows. This isn’t ETF tourists — this is whale accumulation, the kind that smells like a supply squeeze in the making. If it sticks, $75,000–$80,000 isn’t a target, it’s a pit stop," said Paul Howard, senior director at crypto liquidity provider Wincent, probably while sipping espresso in a bulletproof suit.

Elsewhere, the 21Shares crew see even more runway, with $100,000 by end of June floating around like a pipe dream that suddenly got a reality check and said, “Nah, I’m valid.”

"Over the past month, we've seen more than $1.5 billion in net inflows into $BTC ETFs, alongside a 6% bump in holdings by larger investors since January — a clear signal that the smart money isn’t just window-shopping," said Matt Mena, crypto research strategist at 21Shares. "If geopolitics take a nap and regulators stop playing whack-a-mole with innovation, a shot at $100,000 by end of Q2 isn’t fantasy football — it’s on the schedule."

But hold your Lambo keys — the floor could vanish. That ceasefire? More fragile than a stablecoin during a bank run. Any flare-up could send oil spiking again, nuking risk appetite and slamming Bitcoin’s rally into park.

Later today, U.S. fourth-quarter GDP data hits the tape. It’s backward-looking, sure, but markets love a good rearview mirror panic. A surprise print — up or down — could still rattle things short-term. Keep your stop-losses tight and your humor drier than a Layer 1 gas fee.

The chart shows $BTC daily price swings since October 2025, with a yellow trendline drawn from October’s record high above $126,000, marking the bear market’s spine. As of writing, bitcoin is flirting with that trendline like it’s a rebound relationship — one that could either reignite or end in tears.

A clean breakout above the trendline