On Deribit, the $100k strike call option has seen the largest increase in open interest in the last 24 hours.

Updated Mar 3, 2025 1:42 pm UTC Published Mar 3, 2025 7:29 am UTC

Key points:

• The so-called “Trump put” is rekindling interest in BTC call options with a strike price of $100,000.
• The biases have recovered from the very poor readings, indicating a resumption of biases in calls in general.
• The US cryptocurrency reserve may still face challenges, according to some analysts.

Bitcoin (BTC) and the overall cryptocurrency market have seen a significant rally in the last 24 hours, fueled by President Donald Trump's announcement of five tokens he plans to include in his long-promised strategic cryptocurrency reserve.

This has renewed investor interest in Deribit-listed call options, or bets on a move up to $100,000, according to Amberdata.

BTC, the leading cryptocurrency by market cap, jumped nearly 10% in 24 hours, peaking at over $95,000 at one point, according to CoinDesk. Other tokens Trump mentioned — ETH, XRP, SOL, and ADA — also saw significant gains.

On Sunday, Trump announced on Truth Social that he had instructed the Presidential Task Force to move forward with a crypto strategic reserve that includes XRP, SOL, and ADA, with Bitcoin and Ethereum as the core of the reserve. The market reacted enthusiastically to the news, especially given the frustration among industry participants over the lack of prompt action on the promised reserve since Trump took office on January 20.

The incident is now being seen as evidence of a “Trump put” in the context of cryptocurrencies, suggesting that the Trump administration will step in to support the market during volatile times, much like the Fed does with stock markets.

“Trump signaled today that crypto is becoming a betting target. That's enough to change direction, especially given how BTC broke through resistance despite sentiment among many at all-time lows,” trader and analyst Alex Kruger noted on X.

Kruger added that BTC has reclaimed the $89,000 and $92,000 levels as key support levels and traders can “confidently look to go long with clear invalidation levels below.”

Josh Gilbert, a market analyst at eToro, expressed a similar view in an email to CoinDesk, noting: “Given the president’s vested interests, it seems like investors may have to get used to this; these types of sell-offs may continue in the future.”

Against this backdrop, activity in the $100K call option has resumed, indicating that traders are betting on further price gains despite ongoing volatility. A call option gives the buyer the right to purchase the underlying asset at a predetermined price on or before a specified date, thereby offering asymmetric upside risk to the buyer.