Traders increase bets on $100K BTC call options for January

Bitcoin traders are increasingly betting on call options with a $100,000 strike price for January expiry, CoinDesk reported. Data from Deribit shows that total open interest for these options stands at $1.45 billion, with $828 million of that amount maturing this month. The open interest for these contracts has grown by 420 BTC in the last 24 hours. According to analysis from QCP Capital, demand for these call options could surge if BTC surpasses $94,000. The firm noted that the funding rate for BTC perpetual futures on Deribit has exceeded 30%, placing options dealers in a short gamma position where they must buy BTC to hedge their losses. QCP Capital added that this buying pressure from dealers would intensify if BTC's price continues to rise.