Bitcoin Traders Pile Into $70K and $72K Call Options, Signaling Bullish Bets

Bitcoin’s options market on Deribit is showing heavy concentration around two specific price targets, and the positioning points to strong bullish sentiment among traders. The $70,000 and $72,000 strikes have together built up almost $5 billion in open interest, making up close to 18% of the exchange’s total $28 billion in outstanding bitcoin options contracts.

Data shows the scale of this positioning clearly. The $70,000 level has roughly 39,000 call contracts open compared to just 3,800 puts, while the $72,000 strike shows around 37,900 calls against only 1,200 puts. That heavy tilt toward calls over puts signals traders are betting on higher prices rather than hedging against a decline.

Understanding the Trade Structure

Call options give buyers the right to purchase bitcoin at a set price by a certain date, functioning as bets that the price will climb above that level. Puts work the opposite way, allowing holders to sell at a fixed price, typically used to protect against or profit from falling prices.

Bull Call Spreads Drive Much of the Activity

Several large trades have contributed to this buildup. Laevitas identified a bull call spread strategy, where traders bought the $70,000 call while simultaneously selling the $72,000 call, a structure designed to profit from a moderate price increase up to that upper level. This approach accounts for roughly half of total call open interest at both strikes.

Other activity included calendar spreads aimed at capturing shifts in volatility between near-term and later expiries. One trade alone involved a group of buyers paying $3.4 million in premium for a large batch of $70,000 calls.