Traders on the decentralized platform Derive are actively purchasing Bitcoin call options with strike prices between $80,000 and $90,000. This positioning suggests market expectations for a price increase around the US midterm elections in early November.
Additional market activity includes a rise in bets that Bitcoin will exceed $100,000 by Christmas. The platform, formerly known as Lyra, currently accounts for over 90% of the total notional volume and premium in the onchain crypto options market as of late 2026.
In early October 2026, Derive launched its V3 upgrade, which utilizes offchain order book settlement on Ethereum and zero-knowledge proofs to increase transaction speeds. The platform supports options, perpetual futures, and spot trading with a focus on self-custodial models.
Cumulative options notional on Derive reached record levels in 2026, with monthly volumes exceeding $3 billion. The protocol also introduced a governance token, DRV, which allows holders to participate in revenue sharing derived from protocol fees.
