CoinDesk reported that a large Bitcoin options position has appeared targeting a move toward $72,000 by the end of July. Deribit data shows traders accumulated call spreads with a combined notional value of roughly $2.5 billion.

The structure limits both potential profit and the cost of the trade. It combines the purchase and sale of call options at different strike prices, meaning the full notional amount is not a direct cash bet on Bitcoin reaching one specific level.

The expiry window coincides with the Federal Reserve meeting on July 28–29. The activity reflects expectations among some large market participants but is not a forecast for the entire market. The position may also be part of a broader portfolio hedge rather than a standalone bullish trade on BTC.