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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/19/2026

$2.5B BTC Call Spread Bets on $72K by July 31, Expiry After Fed Meeting

What happened: Large traders executed a $2.

$2.5B BTC Call Spread Bets on $72K by July 31, Expiry After Fed Meeting

What happened: Large traders executed a $2.5 billion notional bull call spread on Deribit, buying 20,000 contracts of the $70,000 strike and selling 20,000 contracts of the $72,000 strike, both expiring July 31. This expiry falls two days after the Federal Reserve's FOMC meeting on July 29. At the time of the trade, BTC was trading around $64,750, having rebounded from below $58,000 earlier in July. Fed funds futures are pricing a 75–80% probability that rates will hold at 3.50–3.75%.

Why it matters: The call spread structure caps upside at $72,000, indicating a cost-controlled, lower-conviction bullish bet rather than outright speculation. The timing—immediately after a key Fed decision—suggests traders are positioning for potential volatility or a relief rally if macro conditions remain stable. The notional size underscores continued institutional interest in BTC derivatives, even as spot price momentum remains muted.

Source: CoinDesk