Emre Yumlu 
Bitcoin (BTC) has gained significant momentum in recent weeks, with institutional investors increasing their exposure in the BTC options market. According to crypto derivatives platform Deribit, last week brought clear signs of growing institutional interest.
Surging Demand for $110K Strike Options
In a recent update shared on X, Deribit highlighted strong buying activity in call options at the $110,000 strike set to expire in June and July. Additionally, there has been notable interest in calendar spread strategies, involving long positions on $140,000 strike calls maturing in late September and short positions on $170,000 calls expiring by the end of the year.
Such flows suggest that investors are anticipating further gains for BTC in the weeks ahead. Call options give the holder the right to purchase the asset at a fixed price before a certain date, and are generally viewed as a bullish bet on the market.
Expiry Rollovers Show Continued Confidence
Deribit also noted a rollover of long positions from May expirations to July expirations, particularly around the $110,000 to $115,000 strike levels. This shift in positioning reflects an expectation of extended upside potential into the summer.
Is a BTC and ETH Breakout Brewing?
Bitcoin climbed above $104,000 on Thursday, marking a nearly 40% rebound from early April lows below $75,000. The rally has been fueled by positive sentiment around the U.S.-U.K. trade agreement and continued inflows into spot ETFs. Technical indicators continue to support a bullish outlook.
Meanwhile, Ethereum’s native token Ether (ETH) has jumped over 30% in just two days, reaching $2,411. The move is being interpreted as a bullish breakout on technical charts. On Deribit, there’s increasing demand for June expiry calls at the $2,400 level, as well as longer-dated call spreads targeting the $2,600–$2,800 range.
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