Bitcoin options traders are building a major bullish position around the $70,000 and $72,000 price levels, with nearly $5 billion in open interest concentrated at those two call strikes on Deribit.
The concentration has created one of the strongest upside signals currently visible in the Bitcoin options market. A large portion of traders’ exposure is centered around these two contracts, suggesting expectations for Bitcoin to move higher.
The $70,000 and $72,000 call options together represent almost $5 billion in notional open interest, accounting for around 18% of Deribit’s total BTC options open interest of approximately $28 billion. With each contract representing one Bitcoin, these strikes have become the exchange’s most heavily traded options positions.
Data from Laevitas highlights the strong imbalance between bullish and bearish bets. The $70,000 strike has roughly 39,000 active call contracts compared with about 3,800 puts, while the $72,000 strike has around 37,900 calls versus only 1,200 puts. The overwhelming preference for calls reflects a market leaning toward further Bitcoin gains.
Call options allow traders to buy Bitcoin at a predetermined price before expiration and are generally used when expecting prices to rise. Put options provide the right to sell at a fixed price and are typically used for downside speculation or portfolio protection.
The buildup around these strikes has been driven by several large trades. Laevitas identified a significant bull call spread strategy in which traders purchased $70,000 calls while selling $72,000 calls at the same time.
This type of spread reflects a moderately optimistic outlook, where traders expect Bitcoin to rise but are targeting a move toward a specific range rather than an unlimited rally.
According to Laevitas, the strategy accounts for nearly half of all call open interest at both the $70,000 and $72,000 strikes, representing about 49% and 50% respectively.
Other notable activity included calendar spread trades, which aim to benefit from changes in volatility between different option expiration periods.
One trader or group of traders also bought a large block of $70,000 calls, paying around $3.4 million in premiums to secure potential upside exposure.
Jimmy Yang of Orbit Markets said the recent demand for Bitcoin upside calls was partly driven by optimism surrounding the U.S. crypto market structure bill known as the Clarity Act.
Yang noted that July 31 call options at the $70,000 and $72,000 strikes were especially popular earlier this month, with many traders positioning for the possibility that the legislation could pass before month-end.
However, he added that traders have recently reduced some of those bullish positions as confidence around the bill’s timeline weakened.
Data from Polymarket shows the odds of the Clarity Act becoming law this year have fallen to 38%, down from 51% earlier in the week. The decline followed comments from Senate Majority Leader John Thune suggesting the Senate may not complete the legislation before lawmakers leave for the August recess.
