Bitcoin options at $120K strike for Dec 2026 surge as CME open interest collapses from $290M to $30-40M.

Bitcoin's price is around $64,159, but traders are betting big on $120,000 strike calls expiring in December 2026, expecting the price to more than double. Meanwhile, CME bitcoin options open interest has sharply dropped from nearly $290 million in late November to $30-40 million by mid-June, indicating institutional traders are pulling back from near-term positions and shifting to longer-dated bets. This shift signals a bullish, long-term outlook despite current market caution. The $120,000 strike will be a key indicator of market sentiment as the expiry approaches.