Bitcoin call spreads target $72,000 by month end

Traders bought $2.5 billion in notional bitcoin call spreads on Deribit, targeting $72,000 by July 31. The trade aligns with the Federal Reserve's July 29 interest rate decision, where markets currently favor a hold. The bull call spread involves 20,000 contracts each of $70,000 and $72,000 calls expiring July 31.