Bitcoin Block Call Option Trading Surges to 25,766 BTC

Large block call option trading surged on Tuesday, with 25,766 BTC in notional value of $1.65 billion changing hands. According to Odaily, nearly 10,000 sets of a call bull spread expiring at the end of the month with $70,000 and $72,000 strikes were the main traded contracts. Analysts said there are two weeks left in the month, and the large purchase of calls, which are 10% out of the money, suggests optimism about market action in the second half of the month. They added that the use of a lower-notional bull spread indicates only tentative bottom-fishing. The market has been quiet for a long time, and a modest rebound would be reasonable.