More than 600 Bitcoin $100,000 strike call options were traded in a significant block trade earlier today. 

According to Greeks.live, the traders had a notional value of up to $45 million and $8.5 million worth of premiums alone. Per the options market, traders are confident that Bitcoin’s price will reach or exceed $100,000.

In simple terms, many traders are wagering that Bitcoin’s price will soar much higher, underlining a bullish sentiment in the cryptocurrency market.

Optimism was primarily driven by Bitcoin’s 4% increase today, at BTC surpassed $71,000, followed by a week of nearly $570 net inflow in spot Bitcoin ETFs. The swift ascent has notably increased the implied volatilities (IVs) across all significant terms, with Bitcoin’s Daily Volatility (Dvol) climbing over 78%.

Consequently, market sentiment has dramatically shifted, favoring a bullish outlook. BTC’s daily trading volume also went up by nearly 80% today. 

The market is riding a wave of positive momentum, or what traders call a long rhythm, as the trend gains even more significance with Bitcoin’s upcoming halving event. Halving events traditionally reduces the rate at which new bitcoins are created, potentially increasing the cryptocurrency’s value due to its limited supply. 

As this crucial event draws nearer, the anticipation of reaching new all-time highs, possibly hitting the $100,000 mark, becomes increasingly palpable among investors and market observers alike.