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What Is Big Money Betting on? Bitcoin $140K, Ether $4K Calls Lead Open Interest
Bitcoin and ether prices have increased by 29% and 9% respectively this year.
Updated Jul 18, 2025, 11:08 p.m. Published Jul 18, 2025, 6:29 a.m.
What to know:
- Bitcoin and ether prices have increased by 29% and 9% respectively this year.
- Traders on Deribit show strong bullish sentiment with significant open interest in high strike call options for both bitcoin and ether.
- Positive regulatory developments in the U.S., particularly the passage of the GENIUS Act, are contributing to the bullish outlook for ether.
Prices for bitcoin and ether have risen 29% and 9% this year, and traders are positioning for further upside in the major cryptocurrencies.
Data from leading crypto options exchange Deribit showed that traders have placed $2.36 billion in notional open interest in the $140,000 strike call option, making it the most popular bet on the platform. This robust positioning extends to the $120,000 and $130,000 call strikes.
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In stark contrast, the most popular put option at the $100,000 strike holds only half the open interest of the top call, underscoring the strong bullish sentiment in the market.
The ether options paint a similar bullish picture. As of the time of writing, the $4,000 call was the heaviest, with a notional open interest of $650.8 million, according to data source Amberdata. Meanwhile, nearly $280 million was locked in the call option at the $6,000 strike.
A call option gives the holder the right but not the obligation to purchase the underlying asset at a predetermined price on or before a specific date. A call buyer is implicitly bullish on the market, while a put buyer is bearish.
Market flows over decentralized platforms also paint a bullish picture for ether.
On Derive, 25% of ETH's trading volume of the past 24 hours has been concentrated in calls between $3,000 and $4,000 for the July 25 expiry, the exchange told CoinDesk. Additionally, 8% of the July 25 expiry open interest is locked in the $4,000 call.
"[Its] a strong signal that traders are aligned on a fast, continued breakout and reflects a growing appetite for leveraged long exposure as bullish conviction builds," Dr. Sean Dawson, head of research at Derive, told CoinDesk.
The bullish bias for ETH is likely catalyzed by positive regulatory developments in the U.S, particularly the passage of the GENIUS Act stablecoin regulation. The bill is said to come down heavy on yield-bearing stablecoins, marking a positive pivot for the Ethereum-dominated decentralized finance.
"We anticipate two major shifts in a post-GENIUS landscape. First, treasurers seeking crypto-denominated yield will increasingly turn to native ETH staking and transparent restaking vaults. Second, yield-bearing tokens will evolve into clearly defined, auditable assets—distinct from stablecoins and unburdened by legacy regulatory assumptions," Daniel Liu, CEO of Republic Technologies, said in an email.
"Both trends are likely to increase transaction activity and fee generation on Ethereum, reinforcing the long-term value of ETH and strengthening the case for institutional treasuries holding it," Liu added.
Read more: Coinbase, Robinhood Hit Record Highs as U.S. House Passes Landmark Crypto Legislation
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