Traders Place $4.5B in Bitcoin Call Options Around $95K

Bitcoin traders have concentrated about $4.5 billion in call options with strike prices between $90,000 and $100,000, expiring on October 30. The largest cluster sits at $95,000, though the figure reflects notional contract value rather than actual capital wagered. Bitcoin was trading near $83,000, and the $78,000 level remains a caution signal for the market.

Bitcoin traded near $83,000 while call contracts tied to $90,000–$100,000 strikes and expiring October 30 totaled about 54,750 BTC, or $4.53 billion in notional value. Deribit’s largest cluster sat at $95,000: 25,030 BTC, nearly $2.07 billion. Other clusters were near $90,000 ($1.26 billion) and $100,000 ($1.20 billion). Calls represented 60.24% of open interest; puts 39.76%.

That notional sum is not cash wagered. Buyers pay premiums, often well below contract value, and each call has a seller with a different view. Some use spreads or hedges. Recent 24-hour volume was closer: 54.02% calls, 45.98% puts. Deribit’s max-pain level for this expiry was around $78,000. A move to $95,000 would need roughly a 14% gain.