Something is building in BTC's end-of-month expiry.

July 31 expiry shows $7.7B of call open interest against $2.8B of puts.

$1.79B sits at the 70k strike and $1.38B at 72k. Those two strikes hold 41% of the expiry's call OI.

$665M of the 70k calls and $680M of the 72k traded today alone, which are likely call spreads. Someone could be taking advantage of cheap potential upside with volatility close to historical lows.

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