The most popular bitcoin call option has slipped by $10,000

Crypto Daybook Americas The most popular bitcoin call option has slipped by $10,000 Your day-ahead look for July 18, 2026 By Omkar Godbole | Edited by Sheldon Reback Jul 16, 2026, 11:27 a.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Options hint the the ceiling of bitcoin's range-bound price has dropped by $10,000. (Maya Kruchankova/Shutterstock) Summary Show This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. Bitcoin’s BTC $ 64,174.67 booming options market has undergone a notable shift in positioning that could slow the largest cryptocurrency’s ascent above $70,000. That change is tied to open interest in options, a metric that gauges the dollar value locked in the number of call — that is, bullish — and put, or bearish, contracts at various strike levels. Call options at $70,000 are currently the most popular, with open interest of $1.63 billion, according to data source Metrics. The option is a bet that BTC’s price will rise above that level before the contract expires. Here comes the most important part, though: The $70,000 strike has replaced the $80,000 call as the most popular play. For the past six months, $80,000 has been the heaviest call, carrying similar levels of open interest, while the $60,000 put was the most sought-after downside bet. Analysts consistently referred to bitcoin’s $60,000-$80,000 price range over that period. In other words, the ceiling has likely now shifted lower to $70,000 while the $60,000 put still remains the most popular play, or a possible floor for the bitcoin price. The implication does not stop there. According to Imran Lakha, founder of Options Insights, dealers hold a "net long gamma exposure" above $70,000. It means the dealers, who strive to maintain market-neutral exposure while making money from the bid-ask spread, would short or sell into strength above 70,000 to stay neutral or hedged. "That hedging acts like a brake, capping how fast BTC can run once it gets up there," Lakha said, adding that ether (ETH) isn't as exposed to dealer gamma dynamics and can rip much faster. Bitcoin was recently changung hands near $64,100, down nearly 1% since midnight UTC. Other major cryptocurrencies, including ether, XRP (XRP) and solana (SOL) nursed similar losses, while Nasdaq 100 index futures fell 0.5%. "As always, there is a risk of a sudden sell-off amid financial market shocks, which could send BTC or global stock indices into a tailspin, but waiting for such moments is a thankless task,” said Alex Kuptsikevich, the chief market analyst at FxPro. “In such conditions, buying in a quiet market at less than half of peak levels looks like a perfectly reasonable tactic for the coming days or weeks.” Stay alert! Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ." What’s trending DTCC moves tokenized securities into live trading, marking a milestone for Wall Street's blockchain push (CoinDesk): The DTCC, the backbone of the U.S. securities settlement system, processed its first series of live production trades involving tokenized securities in one of the most significant real-world tests of blockchain technology in traditional finance. A bitcoin wallet dormant since the 2017 peak just moved $383 million (CoinDesk): A bitcoin address that had not spent a coin in eight years moved 5,908 BTC worth about $383 million on Thursday. The wallet took in the coins when BTC traded around $16,000. Treasury yields rise as Wall Street awaits key employment data (CNBC): U.S. Treasury yields rose 2% on Thursday before the publication of U.S. employment data due later today. The yield on the 10-year Treasury is 4.573%, the two-year, 4.158% and the 30-year, 5.107%. U.S. expands strikes into northern Iran and disables ship trying to run blockade (AP): The U.S. intensified its strikes on Iran, hitting targets further north as American forces also fired into a ship they accused of trying to break its naval blockade. Iran retaliated. Today’s signal BTC options Deribit: OI distribution across strike prices. (Deribit Metrics) The chart shows the distribution of notional open interest in bitcoin call and put options across various strike price levels. The $70,000 call is now the most popular position, with notional open interest exceeding $1.6 billion. Until the last quarter, the $80,000 call held the top spot. The $80,000 call still ranks second in open interest, followed by the $72,000 call. Overall, more capital has been deployed in calls (bullish bets) than in puts. 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By CoinDesk Research Jul 13, 2026 CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. Why it matters : CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. View Full Report More From Crypto Daybook Americas Bitcoin rally cools as investors digest inflation data, oil clouds outlook U.S.-Iran escalation weighs on bitcoin, stocks as oil climbs Resurgent U.S.-Iran hostilities send bitcoin lower even as ETF flows show demand More From Bitcoin Rebooting the internet: inside the open-source project to let AI programs pay each other Bitcoin pulls back to $64,000 after hitting monthly high as bears take control Tether invests $20 million in Argentine neobank Ualá as it expands Latin America push