Bitcoin options market sees $2.5 billion bull call spread targeting $72,000

Deribit data for the July 31 expiry shows more than 20,000 Bitcoin call contracts open at both the $70,000 and $72,000 strikes, representing roughly $2.5 billion of gross notional exposure. The concentration reflects a single large block that bought 20,000 $70,000 calls and sold the same number at $72,000, creating a bull call spread that pays off if Bitcoin finishes at or above $72,000.

Bitcoin is trading near $64,000, about 9% below the lower strike. Over the past six months the most popular bullish strike on Deribit has shifted from $80,000 to $70,000, with open interest of about $1.63 billion at the $70,000 level and $35,000 contracts making it the tallest bar in the distribution. Total Bitcoin options open interest across exchanges now exceeds $26 billion in notional value. The trend indicates institutional money remains bullish but is betting on a lower price ceiling than earlier in the year.