Bull Call Spread

Bitcoin options traders have built a major concentration of open interest around the $70,000 and $72,000 strikes on Deribit. The positioning is heavily tilted toward calls, though some bullish bets have recently been trimmed as CLARITY Act expectations cooled.

Large bitcoin options traders have built a $2.5 billion notional call spread position on Deribit targeting a move toward $72,000 by July 31. The positioning lands just as markets prepare for the Federal Reserve’s July 29 interest rate decision, where futures currently favor no change in rates.