Options traders bet on upside as CPI seen setting crypto market direction

Bitcoin and Ethereum remained range-bound ahead of the U.S. CPI release as traders built positions around the key data, CoinDesk reported. The market expects the CPI reading to determine the next direction and help break Bitcoin out of its tight $62,000-$66,000 range. On Deribit, about $2.5 million flowed into $70,000 strike call options expiring in September, signaling bets on an upside breakout. By contrast, some institutions, including TDX Strategys, recommended a strangle strategy to bet on higher volatility regardless of direction. On-chain data suggests spot buying remains stronger, while derivatives traders have stayed cautious with short positions. According to Nansen, Ethereum saw more than $164.6 million flow out of exchanges over the past week, pointing to accumulation.