Bitcoin Bulls Target $110,000 Amid $4.8 Billion Call Options

Bitcoin bulls are aiming to push the price of Bitcoin (BTC) above $110,000 by May 30, capitalizing on a significant $4.8 billion in call options. This strategic move comes as Bitcoin approaches its largest monthly options expiry of 2025, with total exposure reaching $13.8 billion. The bulls have been buoyed by a 25% rally over the past 30 days, which has caught bears off guard.

The open interest in Bitcoin put (sell) options stands at $6.5 billion, but 95% of these positions are set below $109,000. This means that if Bitcoin’s price holds near current levels, less than $350 million worth of put options will remain relevant at expiry. Conversely, the open interest in Bitcoin call (buy) options up to $109,000 totals $3.8 billion. However, this imbalance does not necessarily mean that every call option holder was betting on Bitcoin’s rise, as some traders may have sold these options to hedge their exposure above certain price levels.

Among the most significant option strategies traded at Deribit in the past two weeks is the “short call,” which is often used by investors seeking a fixed-income return as long as Bitcoin’s price stays above a particular threshold. Similarly, the “bull call spread” strategy hedges against downside risk by sacrificing gains above a certain price. If Bitcoin maintains the $109,000 level, most bullish strategies should deliver positive results in the May options expiry. However, bears may try to influence BTC futures markets to limit their losses as the expiry date approaches.

The total open interest in Bitcoin futures is currently $79 billion, showing strong demand for short (sell) positions. Still, this strategy could backfire if Bitcoin rises above $110,000, as bears might be forced to close their positions. Net inflows of $1.9 billion into US spot Bitcoin exchange-traded funds (ETFs) between May 20 and May 22 indicate that demand above $105,000 remains robust. Ultimately, bears’ main hope lies in a weaker macroeconomic environment, which could increase risk aversion and reduce demand for Bitcoin.

Below are four likely scenarios based on current price trends. These outcomes estimate theoretical profits based on open interest imbalances and do not account for complex strategies. Between $102k and $105k, $2.75 billion in calls (buy) vs. $900 million in puts (sell) favors the call instruments by $1.85 billion. Between $105k and $107k, $3.3 billion calls vs. $650 million puts favor calls by $2.65 billion. Between $107k and $110k, $3.7 billion calls vs. $350 million puts favor calls by $3.35 billion. Between $110k and $114k, $4.8 billion calls vs. $120 million puts favor calls by $4.7 billion. Bulls can maximize their gains by driving BTC above $110,000, which could help set a new all-time high. However, the ongoing bullish momentum depends on developments in the ongoing tariff war, which has been a key focus in recent weeks.