Bitcoin options see $5B clustered near $70K, $72K strike prices in bullish setup

About $5 billion in open interest is concentrated at the $70,000 and $72,000 strike prices in the Bitcoin options market, highlighting bullish investor sentiment, CoinDesk reported. According to Deribit, the world’s largest crypto options exchange, the notional open interest tied to options at those two strike prices accounts for about 18% of total Bitcoin options open interest, with call options far outweighing put options in position size at both levels. Laevitas, a crypto data platform, added a large investor has been using a "bull call spread" strategy by buying $70,000-strike call options while selling $72,000-strike call options. The strategy is typically used when investors expect the underlying asset, in this case Bitcoin, to rise gradually to a certain level, reflecting expectations in this case that Bitcoin could climb to $72,000.