Bitcoin active options data shows the largest cluster of contracts outstanding are calls with a strike price of $50,000, set to expire on January 26.

According to Deribit data, there are over 8,300 contracts outstanding for calls at the strike price of $50,000, with a notional value of over $376 million.

In options trading, a call option gives the holder the right, but not the obligation, to buy the underlying asset at a specified price before or on the expiration date.

The fact that there is a large cohort of call options at $50,000 suggests that a considerable number of traders could be anticipating that the price of bitcoin will rise above $50,000 by the end of the January expiration date.