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Deribit options traders buy $2.5B bitcoin call spreads targeting $72,000

The call spreads use July 31 expiry, with flow concentrated around $70,000 and $72,000 strikes ahead of the Fed's July 29 rate decision.

Reported · Written up by our desk · Market Structure

CoinDesk reports that large traders have bought $2.5 billion in notional bitcoin bull call spreads on Deribit, betting on a rise in BTC to $72,000 by July 31. The positioning uses $70,000 call contracts paired with the sale of $72,000 calls for the same July 31 expiry.

According to Deribit, traders bought 20,000 contracts of the $70,000 call expiring July 31 and sold 20,000 contracts of the $72,000 call, which CoinDesk says totals $2.5 billion notional value. Each contract is for 1 bitcoin, and the strategy is designed to profit from a moderate increase while reducing upfront cost and limiting maximum loss.

CoinDesk notes the timing overlaps with the Federal Reserve's July 29 interest rate decision, with markets currently favoring a hold. The options flow also comes as bitcoin rebounded to around $64,000 after trading below $58,000 earlier in July.

Deribit’s chief commercial officer, Jean-David Péquignot, told CoinDesk that repeated large blocks in topside call spreads often reflect institutional positioning rather than retail activity, given the capital and strike precision required. CoinDesk adds that Fed funds futures currently indicate a hold, though the options market implies some traders expect the meeting to act as a catalyst for a move toward $72,000.

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