Bets on $80,000 Bitcoin surpass $60,000 puts as whales and ETFs tighten supply

Bets on Bitcoin reaching $80,000 have overtaken wagers on a drop to $60,000, signaling a shift in trader sentiment. Open interest for the $80,000 call on Deribit now stands at $1.6 billion, surpassing the $1.41 billion tied to the $60,000 put — a level that dominated market positioning for months. The move reflects growing confidence among traders that the path ahead favors higher prices.

Bitcoin is currently trading at $71,013.34, having recovered from a dip near $67,000 earlier in the week. The rebound coincided with a temporary U.S.-Iran ceasefire, which eased oil prices and, by extension, inflation expectations. Lower inflation could open the door for Federal Reserve rate cuts, improving the backdrop for risk assets like Bitcoin.

On-chain data adds to the bullish case. Wallets holding more than 10,000 BTC recorded net inflows for only the second week of 2026, suggesting renewed accumulation by large holders. "This points to whale accumulation rather than ETF-driven demand," said Paul Howard, senior director at Wincent. When whales buy and hold, available supply shrinks — a dynamic that can fuel price gains when demand persists.

Demand is indeed persistent. More than $1.5 billion has flowed into Bitcoin ETFs since January, with large investors increasing their holdings by about 6%, according to analysts at 21Shares. Technical indicators support the momentum: Bitcoin has held above $65,000, volatility has declined, and momentum metrics like MACD and RSI show cautious buying pressure. The daily chart now shows Bitcoin approaching a long-term downward trendline that has blocked rallies for months. A decisive break above it could confirm a reversal, opening a path toward $75,000–$80,000. "A move toward $100,000 by the end of Q2 cannot be ruled out," said Matt Mena, crypto strategist at 21Shares, "if geopolitical tensions ease and regulatory clarity improves."