Recently, large amounts of funds on the chain have been actively trading in the options market. Data from a leading options trading platform shows that a whale investor has been continuously accumulating a large number of BTC call options — including 1,300 contracts expiring at the end of February 2026 with a strike price of $100,000, and 2,400 contracts expiring at the end of January 2026 with a strike price of $98,000. This series of actions has involved over $10 million in premium payments. Although it’s difficult to confirm if these trades come from the same account, the close timing of the purchases suggests a clear market expectation.

What’s even more interesting is that these whales are mostly employing extreme leverage of 35x to go long — truly betting heavily on a bullish market. From the options allocation, the $98,000 and $100,000 strike prices are clearly their key targets for breakthrough, which also indicates that significant capital is positioning for an upward move.

Whether or not the price will actually hit the psychological barrier of $100,000, at least from the position changes of these whales, the market’s bullish sentiment continues to ferment.