Bitcoin Pulls Back to $108K, But Options Market Signals Sky-High Expectations

Despite Bitcoin cooling off to around $108,000 after recently breaking above $110K, derivatives data shows that large traders are still betting big on a major rally.

Open interest in the options market is climbing rapidly, pointing to aggressive positioning for much higher price levels.

According to on-chain analytics from Glassnode, the most popular Bitcoin call option for June expiry is now at $300,000, with a staggering $620 million in open interest. A second cluster of call options at the $200,000 strike price holds an additional $420 million—together reflecting nearly $1 billion in ultra-bullish bets.

This buildup in open interest highlights traders’ growing confidence in Bitcoin’s longer-term upside, even as short-term price action sees some profit-taking.

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Glassnode also reports that Bitcoin wallets across the board—from whales to retail holders—have ramped up accumulation throughout May. The firm’s Accumulation Trend Score recently hit 1.0, its highest reading, suggesting sustained buying activity and conviction despite market pullbacks.

While price retreats after new highs are typical, the strength in options data suggests traders are positioning for a different outcome this time—one that mirrors traditional asset behavior, where breakouts often lead to extended uptrends.

For now, Bitcoin’s pullback hasn’t dampened derivative market optimism. If anything, it may be fueling the next leg of positioning for what some traders hope will be a historic rally.