Call-heavy positioning on Deribit accounts for about 18% of total Bitcoin options open interest, with traders tying part of the buildup to expectations around the CLARITY Act and watching whether bullish bets hold.
Bitcoin options traders have concentrated about $5 billion of open interest at the $70,000 and $72,000 strike prices, a buildup that points to bullish sentiment while also highlighting a policy-linked trading theme. CoinDesk reported that Deribit’s notional open interest at those two levels represents about 18% of its overall $28 billion in Bitcoin options open interest, with call options far outnumbering puts at both strikes. Laevitas data show about 39,000 calls and 3,800 puts open at $70,000, and about 37,900 calls and 1,200 puts at $72,000. Large bull call spreads have also appeared, with traders buying the $70,000 call and selling the $72,000 call; Laevitas said that structure accounts for about 49% of total call open interest at $70,000 and 50% at $72,000. Jimmy Yang said part of the positioning reflects expectations that the CLARITY Act, a US crypto market structure bill, could pass, though easing policy optimism and some unwinding of those bets mean any Bitcoin breakout still needs further confirmation.