Today’s block trade bullish options saw a breakout in activity, totaling 25,766 BTC. A block of bullish options with a notional value of $1.65 billion was traded. The bull call spread with a 70K/72K strike expiring at the end of this month saw nearly 10,000 trades and was the main target.

With two weeks left until month-end, such a large-sized purchase of out-of-the-money calls about 10% suggests confidence in the market in the latter part of this month. However, only buying a bull call spread with a relatively low notional value indicates it is likely a tentative dip-buying move.

Some follow-up dip-buying could be possible. The market has been too quiet for too long, so any modest rebound is understandable.