A $5 billion cluster has formed in bitcoin options. It tells a bullish story
Bitcoin’s $70,000 and $72,000 call strikes on Deribit have accumulated nearly $5 billion in open interest, with calls outnumbering puts by a significant margin.
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Summary
- Bitcoin options on Deribit are heavily concentrated at the $70,000 and $72,000 strikes, which together account for nearly $5 billion, or about 18%, of the exchange’s $28 billion in open interest.
- Call positions at those strikes vastly outnumber puts, reflecting strong bullish sentiment. Large bull call spreads and outright call purchases have led to this concentration of open interest.
- Much of the demand for these upside bets has been linked to optimism over the CLARITY Act, but traders have recently scaled back positions.
