Bitcoin gets $2.5B target for $72,000 by August as unknown trader bets big on Fed rally
Deribit’s July 31 Bitcoin options expiry is heavily concentrated at the $70,000 and $72,000 calls, with about 27,000 and 21,000 contracts open, respectively. A reported block trade likely created a 20,000-contract bull call spread: long $70,000 calls and short $72,000 calls. At current BTC near $64,289, the lower strike sits about 8.9% above spot, and the spread’s gross notional is roughly $2.5 billion. The structure is a short-dated, capped bullish bet that pays off fully only if Bitcoin finishes at or above $72,000 by expiry. It expires two days after the Fed’s July 29 policy decision, making macro news a key catalyst. Near-term confirmation would require BTC to reclaim the $69,000–$70,000 area, where recent buyer cost basis and trading interest cluster, alongside steadier ETF inflows. Failure there would leave the trade as a tactical position rather than broad market confirmation.
