Bitcoin options open interest nears $5 billion, signaling strong bullish sentiment among traders, particularly at $70,000 and $72,000 strike prices.
Bitcoin options have seen a significant surge in open interest, now nearing $5 billion, primarily concentrated around the $70,000 and $72,000 strike prices. This trend highlights a bullish sentiment among traders in the cryptocurrency market.
Focus on Key Strike Prices
Data from Deribit as of July 24, 2026, reveals that the combined open interest for $70,000 and $72,000 call options represents approximately 18% of the total $28 billion open interest on the exchange. The bullish sentiment is underscored by an overwhelming number of call options compared to puts, driven by substantial bull call spreads and direct call purchases.
The $70,000 strike has about 39,000 active contracts against only 3,800 puts, while $72,000 has roughly 37,900 calls versus 1,200 puts. This stark difference shows that traders are predominantly optimistic.
Open interest accumulation at these strike levels has been recently reinforced by activities such as a bull call spread, where traders buy lower-strike calls while selling higher-strike calls, anticipating a price increase. Laevitas reports that these strategies account for nearly half of the total call open interest at these levels.
One trader or group has invested approximately $3.4 million in premiums specifically for $70,000 calls to capitalize on this potential upside. Jimmy Yang, co-founder of Orbit Markets, noted that much of this bullish activity has been fueled by hopes for the CLARITY Act, which traders believe might soon be passed.
Despite the prevailing optimism, recent developments have caused a shift in market sentiment, with some traders beginning to unwind their positions. Changes in perceptions regarding the CLARITY Act's prospects, influenced by comments from Senate Majority Leader John Thune, have seen the likelihood of the bill's passage this year drop from 51% to 38% according to Polymarket.
