Bitcoin Nears $100,000 Amid Surging Institutional and State-Level Demand

Bitcoin’s relentless momentum is captivating traders and institutions alike, with speculative bets on $300,000 call options and a price surge past $97,000 fueled by record ETF inflows and state-level interest. As Arizona’s bold Bitcoin reserve plan faces a gubernatorial veto, the broader landscape is being reshaped by institutional adoption, regulatory shifts, and political promises of a “Trump boom.” This press review unpacks the high-stakes strategies, policy battles, and market forces driving Bitcoin’s evolution toward mainstream finance and unprecedented price targets.

Bitcoin Traders Flock to $300K Call Options Amid Market Volatility

According to CoinDesk, the $300,000 strike bitcoin call option expiring on June 26 has become the second-most popular bet among traders for the first half of the year. Over 5,000 contracts were active at press time, representing a notional open interest of $484 million. This surge in interest is seen as a speculative play, with some market participants likening it to buying lottery tickets due to the outsized potential upside for a relatively small cost.

Deribit, which accounts for over 75% of global crypto options activity, is the main venue for these trades. The $300K call option is only surpassed in popularity by the $110K call for the June expiry, which is the largest among all settlements due this year. Deep out-of-the-money (OTM) calls like the $300K strike are significantly cheaper but require a substantial move in bitcoin’s price to become profitable. Spencer Hallarn, a derivatives trader at GSR, noted, “There are always folks that want the hyperinflation hedge,” explaining the high open interest in these OTM calls.

Some traders have also been selling $300K calls as part of covered call strategies to generate additional yield on their spot holdings. On April 23, each option sold for about $60 at 100% implied volatility, according to Amberdata’s Director of Derivatives. This approach allows traders to collect premiums while holding a long position in the spot market.

Option	Open Interest	Notional Value	Expiry
$300K Call	5,000+ contracts	$484 million	June 26

Deribit is the leading exchange for these options, with over 75% market share.
Quarterly expiries like June 26 drive heightened volatility and market activity.

Summary: The $300K bitcoin call option has become a focal point for speculative traders, reflecting both bullish sentiment and the use of options for yield generation. (Source: CoinDesk)

Bitcoin Surges Past $97,000 as Institutional Demand and State-Level Interest Grow

TheStreet reports that Bitcoin’s price surged from $93,000 to over $97,000 on May 2, driven by institutional activity, favorable macroeconomic conditions, and regulatory developments. A key catalyst was Strategy’s acquisition of an additional 15,355 BTC, bringing its total holdings to over 553,000 BTC. Spot Bitcoin ETFs also saw net inflows of $2.68 billion this week, the highest since December, signaling renewed institutional demand.

Investors are responding to expectations that the Federal Reserve may cut interest rates in June, making Bitcoin more attractive compared to traditional assets. Technical indicators, such as Bitcoin’s all-time high realized market cap, suggest strong conviction among holders. Amid global uncertainty and inflation concerns, Bitcoin’s role as a hedge is gaining traction.

Semler Scientific, Inc. (Nasdaq: SMLR) announced the acquisition of an additional 165 BTC for $15.7 million, bringing its total holdings to 3,467 BTC. The company’s Bitcoin portfolio, acquired at an average price of $88,263, had a market value of $330.6 million as of April 29. Year to date, Semler achieved a 23.8% Bitcoin yield, which it uses as a key performance indicator for its treasury strategy.

On the state level, the Arizona Legislature approved bills allowing the state to invest up to 10% of public funds—potentially over $3 billion—into digital assets like Bitcoin. If signed into law, Arizona would become the first U.S. state to establish a state-level Bitcoin reserve. Tokyo-based Metaplanet is also launching a $250 million Bitcoin treasury arm in Florida to support global operations and improve access to institutional capital in the U.S.

Entity	BTC Acquired	Total Holdings	Market Value	Yield (YTD)
Strategy	15,355 BTC	553,000+ BTC	—	—
Semler Scientific	165 BTC	3,467 BTC	$330.6 million	23.8%

Spot Bitcoin ETFs saw $2.68 billion in net inflows this week.
Arizona’s proposed Bitcoin reserve could allocate over $3 billion to digital assets.
Metaplanet’s Florida subsidiary will be capitalized with up to $250 million.

Summary: Bitcoin’s price rally is underpinned by institutional buying, ETF inflows, and state-level initiatives, with companies and states seeking to integrate Bitcoin into their financial strategies. (Source: TheStreet)

Arizona Governor Vetoes State Bitcoin Reserve Legislation

PYMNTS.com reports that Arizona Governor Katie Hobbs vetoed legislation that would have allowed the state to invest up to 10% of its public funds in digital assets, including Bitcoin. In her letter to state Senate President Warren Petersen, Hobbs emphasized the strength of the Arizona State Retirement System and cautioned against using retirement funds for “untested investments like virtual currency.”

The veto came after state lawmakers approved the bill, which would have made Arizona the first state to establish a Bitcoin reserve. Republican State Senator Wendy Rogers expressed disappointment, stating on X that “Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin.” The legislative effort mirrored national plans by President Donald Trump to create a strategic Bitcoin reserve.

The article also highlights the growing mainstream adoption of cryptocurrencies, with major investment firms such as Morgan Stanley and Charles Schwab preparing to offer crypto trading to their customers. BlackRock is also pushing blockchain technology deeper into conventional finance, recently announcing plans to register a new share class of its $150 billion money market fund on a blockchain.

Arizona’s proposed Bitcoin reserve would have allowed up to 10% of public funds in digital assets.
Governor Hobbs cited the need for sound and informed investments for retirement funds.
Major financial institutions are expanding crypto offerings for retail investors.

Summary: Arizona’s attempt to create a state-level Bitcoin reserve was halted by a gubernatorial veto, but the broader trend of institutional and mainstream adoption of crypto continues. (Source: PYMNTS.com)

Institutional Adoption Reshapes Bitcoin’s Development and DeFi Future

Cointelegraph explores the impact of institutional adoption on Bitcoin’s development landscape, noting a shift toward security and compliance over grassroots innovation. The article highlights that the US Federal Reserve’s move to establish a Strategic Bitcoin Reserve marks a significant turning point, with Bitcoin increasingly being treated as a national store of value.

As of January 2025, governments worldwide hold an estimated 471,000 BTC, valued at over $16.3 billion. The International Monetary Fund’s latest Balance of Payments Manual now classifies digital assets like Bitcoin as part of the international financial system, alongside traditional reserves and gold. Strategy continues to lead at the corporate level, doubling down on Bitcoin as a long-term strategic play.

The developer landscape is also changing. In 2024, the total number of developers in the crypto industry declined by 7% year-on-year, but activity among seasoned developers increased by 27%. This suggests a maturing ecosystem with a focus on institutional-grade security and infrastructure. The influx of institutional investors may drive up Bitcoin’s price, potentially pricing out smaller developers and raising barriers to entry.

“If Bitcoin is to be treated like gold, it must be secured like gold. Very soon, we will see governments and institutions seek to secure Bitcoin in what will no doubt look like a digital Fort Knox.” — Markus Bopp, CEO of TAP Protocol

Governments hold 471,000 BTC, worth over $16.3 billion (as of January 2025).
Developer activity among experienced contributors rose by 27% in 2024.
Institutional adoption is driving demand for security, compliance, and infrastructure.

Summary: Institutional adoption is transforming Bitcoin’s ecosystem, prioritizing security and compliance, and potentially reshaping the future of Bitcoin DeFi and development. (Source: Cointelegraph)

Trump’s Crypto Czar Predicts “Trump Boom” as Bitcoin Approaches $100,000

Forbes reports that Bitcoin’s price has surged nearly 30% since its April lows and is nearing $100,000 per coin. This rally comes as the market anticipates a “$10 trillion Wall Street earthquake” and responds to “major” U.S. dollar warnings. David Sacks, President Trump’s crypto czar, predicted a coming “Trump boom,” stating, “We’ve ended the war on crypto, and I think we’re trying to stop the regulatory capture that benefits large incumbents.”

Last week, the Federal Reserve rolled back Biden-era rules that had prevented Wall Street from fully embracing crypto. The Trump administration is also fast-tracking stablecoin legislation expected to rewire the global financial system. Despite a drop from its January all-time high of almost $110,000, Bitcoin has held up better than expected, supported by concerns over the U.S. dollar’s future and Bitcoin’s reputation as “digital gold.”

“This renewed risk-on mood is setting the stage for bitcoin to make a run at $100,000.” — Matt Mena, crypto research strategist at 21Shares

Bitcoin price surged nearly 30% since April lows, approaching $100,000.
Federal Reserve rolled back restrictive rules, and stablecoin legislation is advancing.
Bitcoin is seen as a hedge amid U.S. dollar concerns and global macro shifts.

Summary: Policy changes and bullish sentiment from the Trump administration are fueling optimism for a new Bitcoin rally, with the price nearing the $100,000 mark. (Source: Forbes)

Einschätzung der Redaktion

The current surge in speculative Bitcoin options activity, combined with record institutional inflows and evolving regulatory signals, underscores a pivotal moment for the digital asset landscape. The willingness of traders to engage in high-risk, high-reward strategies—such as deep out-of-the-money call options—reflects both the heightened volatility and the growing appetite for asymmetric upside in the crypto market. This behavior is emblematic of a maturing market where sophisticated instruments are increasingly used for both speculation and yield generation.

Institutional adoption is no longer a theoretical narrative but a measurable force, as evidenced by substantial ETF inflows, corporate treasury allocations, and legislative initiatives at the state level. Even though political resistance remains, as seen in Arizona, the broader trend points toward deeper integration of Bitcoin into mainstream finance. The shift in developer activity toward experienced contributors and the prioritization of security and compliance further signal that Bitcoin is transitioning from a grassroots innovation phase to an era defined by institutional standards and infrastructure.

Policy shifts, particularly in the U.S., are accelerating this transformation. The rollback of restrictive regulations and the advancement of stablecoin legislation are likely to lower barriers for traditional financial institutions, amplifying capital flows into the sector. As Bitcoin approaches new price milestones, its dual role as both a speculative asset and a strategic reserve is being cemented, with potential long-term consequences for global financial architecture and the competitive positioning of national economies.

Speculative and institutional forces are converging, driving both volatility and legitimacy in the Bitcoin market.
Regulatory and policy developments are pivotal in shaping the pace and nature of adoption.
The maturation of the ecosystem is raising the bar for security, compliance, and professionalization.

Infobox: The intersection of speculative trading, institutional adoption, and regulatory evolution is rapidly redefining Bitcoin’s role in global finance, with significant implications for market structure, risk management, and long-term value proposition.

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