Woofun AI data shows that Deribit recorded large-scale bullish spread trading in Bitcoin this week, involving the purchase of 20,000 call options with a $70,000 strike and the sale of 20,000 calls with a $72,000 strike, both expiring on July 31. This strategy, totaling 40,000 contracts with a nominal value of approximately $2.5 billion, reflects institutional positioning for a moderate price increase within the $70,000 to $72,000 range.

Jean-David Péquignot, Chief Commercial Officer at Deribit, noted that these trades coincide with the July 29 Federal Reserve interest rate decision, suggesting expectations that the meeting could drive Bitcoin prices upward. While federal funds futures indicate a 75% to 80% probability of rates remaining unchanged, recent escalation in the US-Iran conflict has surged oil prices, complicating inflation outlooks despite June data showing slowed price pressures.