While bitcoin hasn’t budged much since the escalation of the conflict in the Middle East, Bloomberg reports that “bitcoin options show traders are hedging against a price pullback to the $100,000 price level with geopolitical and economic uncertainty rising across global financial markets.”

Bitcoin has been trading mostly in the $104,000 to $109,000 range over the past week.

“The put-to-call volume ratio on the crypto derivatives exchange Deribit surged to 2.17 over the past 24 hours, reflecting a strong tilt toward protective bets,” Bloomberg added.

Stephen Wundke, director of strategy and revenue at quantitative digital asset investment firm Algoz, told Sherwood News that the crucial level for bitcoin currently is the $100,000 mark.

“In light of the significant speculation around US involvement in the Middle East, the longer BTC stays above this $100,000 level, the more bullish BTC looks. Should the $100,000 level break, then the next stop that’s important would be $93,000, but what might force that remains to be seen,” Wundke said.

Bitcoin treasury companies don’t appear to share the bearish sentiment of the options market and continue to accumulate the asset, with French company The Blockchain Group acquiring 182 bitcoin for about $19.6 million, giving it a total of 1,653 bitcoin.

Meanwhile, Fold Holdings announced it had entered into an agreement for a $250 million equity purchase facility to acquire additional bitcoin, and Asian food company DDC Enterprise announced a $528 million raise to “accelerate its bitcoin treasury strategy.”