Large traders in Bitcoin options on Deribit have built a $2.5 billion call spread targeting a move to $72,000 by July 31, underscoring expectations for further upside as the Federal Reserve's policy meeting approaches on July 29. Jean-David Péquignot of Deribit said the scale of the flow points to institutional involvement and reflects confidence after bitcoin's recent rise to $64,000. The structure suggests a measured bullish view rather than a bet on an open-ended breakout, with the Fed decision seen as a potential catalyst for broader risk appetite, liquidity conditions and crypto volatility. Fed funds futures currently imply a high probability that the benchmark rate will be held at 3.5%-3.75% after softer June inflation data reduced fears of a rate increase.