finance
Traders Buy $2.5 Billion Bitcoin Call Spread Between $70,000 and $72,000 Strikes
Large traders purchased 20,000 Deribit bitcoin call options at the $70,000 strike and sold the same number at $72,000, both expiring July 31. The bull call spread carries a notional value of $2.5 billion and aligns with the Federal Reserve's July 29 interest-rate decision.
Jul 18, 10:15 AM·1m read1 source
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Large traders executed a $2.5 billion notional bull call spread on Deribit on July 18, buying 20,000 bitcoin call options with a $70,000 strike and selling 20,000 calls at the $72,000 strike, both expiring July 31. Each contract covers one bitcoin. The trade positions for a moderate rise in bitcoin's price to $72,000 by month-end.
Bitcoin traded at $64,077.81 on July 18 after climbing from below $58,000 earlier in the month. Jean-David Péquignot, chief commercial officer at Deribit, said large blocks in BTC topside call spreads appeared that week. The July 31 expiry falls two days after the Federal Reserve's July 29 interest-rate decision.
Fed funds futures on July 18 assigned a 75%-80% probability that the central bank would hold its benchmark rate at 3.5%-3.75%. June 2026 U.S. inflation data showed sharp deceleration in consumer and producer prices, with core inflation excluding food and energy flat for the month.
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