Latest options data from Deribit provides us with an interesting perspective.

Currently, the open interest in the BTC options market at this node shows a clear focus. You will find large positions concentrated at the same level—the $100,000 strike call options expiring on January 30. The notional value of these contracts has far exceeded that of options at other strike prices. What does this indicate?

It suggests that a group of market participants share a relatively consistent view on the medium-term outlook. Despite recent volatility, they have expressed their optimism about the price prospects with real money.

Another detail worth noting is that the put option premium indicator is easing. This usually means that market tension is easing, and selling pressure on the asset is not as heavy as before. From a technical perspective, this gives the spot market some breathing room.

However, analysts also point out that this options structure reflects a subtle standoff between bulls and bears. The concentrated long positions at high levels signal optimism, but the decline in put premiums, while notable, should not be underestimated. The ultimate direction will still depend on how spot liquidity and macroeconomic factors evolve.

Every fluctuation in the derivatives market could be a precursor to market sentiment. Those looking to buy the dip or sell the top are watching these data closely.