Bitcoin options traders are signaling a bullish outlook, with a massive concentration of nearly $5 billion in open interest built around the $70,000 and $72,000 call strikes on Deribit.

The positioning highlights a strong preference for upside exposure in the Bitcoin derivatives market, with traders heavily focused on these two price targets.

Combined, the $70,000 and $72,000 call contracts account for almost $5 billion in notional open interest, representing roughly 18% of Deribit’s total BTC options open interest of about $28 billion. Since each contract represents one Bitcoin, the size of these positions makes the strikes among the most significant on the platform.

Market data from Laevitas shows a sharp difference between call and put activity. At the $70,000 strike, traders hold around 39,000 call contracts compared with roughly 3,800 puts. The $72,000 strike has about 37,900 calls and only around 1,200 puts. This heavy call dominance reflects expectations that Bitcoin could continue moving higher.

Call options allow buyers to acquire Bitcoin at a fixed price before expiration and are typically used to benefit from potential price increases. Put options provide the ability to sell at a predetermined level and are commonly used for downside protection or bearish bets.

The buildup in open interest has been driven by several major trades. Laevitas identified a large bull call spread involving traders buying $70,000 calls while selling $72,000 calls, a strategy designed to capture gains from a moderate Bitcoin advance.

Rather than betting on an unlimited rally, the spread suggests traders are targeting a move toward the $72,000 range while controlling risk. Laevitas said the strategy represents approximately 49% of total call open interest at the $70,000 strike and about 50% at the $72,000 strike.

Additional activity included calendar spreads, which are designed to take advantage of volatility differences between options contracts with different expiration dates.

Another trader or trading group purchased a significant amount of $70,000 calls, paying around $3.4 million in premiums for potential upside exposure.

Jimmy Yang from Orbit Markets said the recent surge in Bitcoin call demand was partly linked to expectations surrounding the U.S. crypto market structure bill known as the Clarity Act.

Yang noted that July 31 expiry calls at the $70,000 and $72,000 levels attracted strong interest earlier in the month as traders anticipated possible progress on the legislation.

However, he added that some bullish positions have since been reduced as confidence around the bill’s timeline weakened.

Data from Polymarket shows the chances of the Clarity Act becoming law this year have fallen to 38%, down from 51% earlier in the week. The shift followed comments from Senate Majority Leader John Thune suggesting lawmakers may not complete the bill before the August recess.