A $5 billion cluster has formed in bitcoin options. It tells a bullish story

MarketsA $5 billion cluster has formed in bitcoin options. It tells a bullish storyBitcoin's $70,000 and $72,000 call strikes on Deribit have accumulated nearly $5 billion in open interest, with calls outnumbering puts by a significant margin. By Omkar GodboleUpdated Jul 24, 2026, 11:47 a.m. Published Jul 24, 2026, 11:34 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowBitcoin options on Deribit are heavily concentrated at the $70,000 and $72,000 strikes, which together account for nearly $5 billion, or about 18%, of the exchange’s $28 billion in open interest.Call positions at those strikes vastly outnumber puts, reflecting strong bullish sentiment. Large bull call spreads and outright call purchases have led to this concentration of open interest. Much of the demand for these upside bets has been linked to optimism over the CLARITY Act, but traders have recently scaled back positions.Bitcoin's BTC$65,031.35 options market on the leading exchange, Deribit, is heavily concentrated around two specific price levels, and the positioning tells a clear bullish story.The $70,000 and $72,000 options have together accumulated a notional open interest of nearly $5 billion, representing roughly 18% of the platform's total BTC options open interest of $28 billion. This makes them the two most popular contracts on the exchange, with one contract representing one BTC.The scale of positioning at these two levels is striking. According to data from Laevitas, the $70,000 strike currently has approximately 39,000 contracts active versus 3,800 puts, while the $72,000 level carries roughly 37,900 calls to only 1,200 puts. The heavily skewed call-to-put ratio reflects the bullish sentiment.Call options give the buyer the right to purchase bitcoin at a specific price, in this case $70,000 or $72,000, by a set date. They are essentially bullish bets, expressing a view that price will rise above that lev…

A $5 billion cluster has formed in bitcoin options. It tells a bullish story

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