Traders bought $2.5 billion in notional Bitcoin call spreads on Deribit, targeting a Bitcoin price of $72,000 by July 31, aligning with the Federal Reserve’s July 29 interest rate decision.

The options, which consist of buying 20,000 July‑31 $70,000 call contracts and selling 20,000 July‑31 $72,000 call contracts, represent a bull call spread strategy. The notional value equals the dollar amount of 40,000 contracts, each for one Bitcoin. The trade reflects institutional positioning, given the capital size and precise strike selection.

Bitcoin’s spot price rose to about $64,668 on July 18, up from below $58,000 earlier in the month. The timing of the spread—settling two days after the Fed meeting—suggests some traders expect the rate decision to act as a catalyst for further gains. Fed funds futures indicate a high probability the central bank will keep its benchmark rate unchanged in the 3.5%‑3.75% range, with 75%‑80% odds of a hold. Market participants noted a decline in rate‑hike concerns after June inflation data showed slowing price pressures, though a recent escalation in U.S.–Iran tensions and rising oil prices introduced short‑term volatility.

The outcome will depend on the Fed’s decision and subsequent market reaction, with the spread expiring on July 31 if the price reaches or exceeds $72,000.