Bitcoin Options Accumulate $5 Billion, Indicating Bullish Sentiment

Markets Bitcoin options have amassed nearly $5 billion in open interest, primarily at the $70,000 and $72,000 strike prices, suggesting a strong bullish outlook among traders.

Significant Open Interest at Key Strike Prices

As of July 24, 2026, the Deribit exchange shows that the $70,000 and $72,000 call options have combined open interest of close to $5 billion, which constitutes about 18% of the total $28 billion open interest on the platform.

There is a substantial imbalance favoring calls over puts, indicating bullish sentiment. This concentration has arisen from large bull call spreads and direct purchases of call options.

The enthusiasm for these bullish positions has been partly fueled by expectations surrounding the CLARITY Act, although there has been a recent pullback in trader positions.

• The $70,000 strike has about 39,000 active contracts compared to just 3,800 puts, while the $72,000 strike holds approximately 37,900 calls against 1,200 puts.
• This disparity in calls versus puts underscores the prevailing optimism among traders.
• Call options grant buyers the right to purchase bitcoin at a predetermined price by a certain date, reflecting a bullish view, while put options allow for selling at a set price, typically used for hedging against declines.

Recent trading activity has highlighted this accumulation of open interest at the $70,000 and $72,000 levels. According to Laevitas, a notable bull call spread was executed, involving the purchase of the $70,000 call while selling the $72,000 call.

This strategy, known as a bull call spread, anticipates a moderate increase in the underlying asset’s price, potentially up to $72,000.

Laevitas noted that this structure represents about 49% and 50% of total call open interest at the $70K and $72K strikes, respectively.

Other significant strategies observed included calendar spreads, which aim to benefit from volatility fluctuations between short- and long-term options.

A specific trader or group of traders invested heavily in $70,000 calls, spending $3.4 million on premiums for this upside exposure.

Jimmy Yang, co-founder of Orbit Markets, highlighted similar trades, indicating that much of this activity was driven by optimism regarding the CLARITY Act.

“Earlier this month, we saw decent demand for BTC topside calls, particularly for the July 31 $70,000 and $72,000 strikes, largely based on expectations that the CLARITY Act might be passed soon,” Yang explained.

However, he noted that in the last 24 hours, market sentiment has shifted, leading some traders to unwind their bullish positions.

According to Polymarket, the chances of the Clarity Act being enacted this year have fallen from 51% to 38% following remarks from Senate Majority Leader John Thune, who suggested the bill is unlikely to pass before the Senate’s August recess.