Following BTC's first ever $100K close on April 4, Deribit, OKX, and Bybit all listed new $100K-strike BTC put options for April 25 and June 27 expiries — instruments that did not previously exist. Within 6 hours, combined OI on the $100K strike level reached $2.4B in notional — making it the single most actively traded options strike in crypto history. The puts at $100K are being bought primarily by long-term holders hedging downside on their spot positions, while the calls are attracting momentum chasers targeting $110K–$120K.
IV on the $100K strike is running at 72% — 18 points above the at-the-money strike — reflecting extreme demand for $100K-level hedging across both directions.