The recent data from the options market is quite interesting. According to statistics from a compliant derivatives trading platform, open interest in Bitcoin options expiring on January 30th with a strike price of $100,000 is the most concentrated—this number is more than double that of the second most popular contract (same-day expiry, $80,000 put options).

What does this imply? Industry traders interpret it as: although the volume isn't particularly exaggerated, the directional bias is very clear. The market's focus has indeed returned to the critical price level of $100,000. Interestingly, compared to the overwhelming bearish sentiment and sky-high put option premiums during the crypto crash in Q4 last year, the current market atmosphere has noticeably softened.

According to over-the-counter traders' observations, there are still some bearish premiums on the current options curve, but the extent has significantly decreased. What does this indicate? The market seems to be gradually abandoning the most pessimistic expectations. In other words, this reflects a slow recovery of confidence—fewer people are frantically hedging against the worst-case scenario.

Some analysts believe that in such a market environment, retesting the $100,000 to $106,000 range is not impossible. Market sentiment and expectations have completely shifted from a few months ago.