Bitcoin options trading on Deribit has seen a remarkable concentration near the $70,000 and $72,000 strikes, with nearly $5 billion in open interest clustered at these levels. This figure represents around 18% of the exchange's total BTC options volume, which stands at $28 billion. The imbalance between call and put options is striking, signaling strong bullish sentiment among traders.
Data reveals about 39,000 call contracts at the $70,000 strike compared to just 3,800 puts, while at $72,000, calls outnumber puts by more than 30 to 1. Call options grant holders the right to purchase bitcoin at a predetermined price, betting on upward movement, whereas puts offer the right to sell, typically as a hedge or a bet on price drops.
Several sizable trades have shaped this concentrated positioning, including bull call spreads buying the $70,000 call while selling the $72,000 call to profit from a moderate increase in bitcoin's price up to $72,000. These spreads make up roughly half of the open interest at both strike prices. also calendar spreads have been executed to capitalize on volatility shifts between near- and longer-term expiration dates.
Interest in these bullish bets has partly been fueled by optimism surrounding regulatory developments like the CLARITY Act, although some traders have recently reduced their exposure. This surge in call options contrasts with other market movements, such as the outflows seen in bitcoin ETFs, showing how different segments of the crypto market can diverge.
