Bitcoin gets $2.5B target for $72,000 by August as unknown trader bets big on Fed rally
Deribits July 31 options board shows more than 20,000 Bitcoin call contracts open at both the $70,000 and $72,000 strikes. The two strikes represent the largest call concentrations for that expiry, with roughly 27,000 contracts at $70,000 and 21,000 at $72,000, according to the exchanges data as of press time. Bitcoin sits near $64,289, placing the lower strike about 8.9% above spot. Deribit Chief Commercial Officer Jean-David Péquignot told CoinDesk that one large block involved buying 20,000 July 31 calls at $70,000 and selling the same number at $72,000. The exchange data concentration independently confirms substantial positioning at the strikes in the 20,000-by-20,000 bull call spread. Based on that construction, the two legs carry roughly $2.5 billion in aggregate gross notional at prevailing Bitcoin prices. Premium paid, capital committed and net exposure are separate measures from that figure. The options expire two days after the Federal Reserves next policy decision. Together, the strike concentration, expiry and spot gap define a tactical test for Bitcoin during the final days of July. Deribits July 31 Bitcoin options board showed more than 20,000 call contracts open at both the $70,000 and $72,000 strikes on July 20. Open interest confirms the concentration but does not disclose ownership or trade direction.