Bitcoin options market explodes with $1.65 billion in buy orders! Greeks.live: “Smart money” is currently “probing for a dip,” and the market outlook into month-end

Bitcoin spot market is quiet, but derivatives whales have quietly started positioning! According to Greeks.live researcher Adam, today (16) the Bitcoin options market saw a surge in massive buy orders, with bullish options trades totaling a notional value of $1.65 billion. Data shows that whales are testing the waters with a lower-cost “bull call spread” strategy, looking for a rebound later this month.
（Background recap: CryptoQuant warns: Bitcoin leverage ratio has surged to the top 5% in history! Stablecoin depletion may trigger a violent washout）
（Additional context: Major news! Japan’s House of Councillors has passed: crypto assets are classified as financial products! Tax rate cut to 20%, paving the way for a Bitcoin ETF）

Bitcoin (BTC) has recently been moving sideways, with strong market watch-and-wait sentiment, but the “smart money” in the derivatives market seems to have already begun making quiet moves. On July 16, 2026, Taipei time, Greeks.live researcher Adam, a well-known options data platform, posted on X (formerly Twitter) stating that today’s massive bullish options (Block Call Options) trades in Bitcoin showed “explosive growth.”

Today’s large call option trades saw explosive growth, with a total of 25,766 BTC. Large call options with a notional value of $1.65 billion were traded. Among them, the main traded target was a bull call spread 70K/72K that expires at the end of this month, with nearly ten thousand sets traded. … pic.twitter.com/6trCSGylus

— [email protected] (@BTC__options) July 16, 2026

$1.65B worth of bids floods in, with $70K bull call spreads as the main trades

According to the data Adam disclosed, today the market saw as many as 25,766 BTC of large call options traded, with a total notional value reaching $1.65 billion. Among them, the main traded target favored by market funds is the bull call spread strategy with a range of $70K to $72K that will expire “at the end of this month.” The daily trading volume for this target is close to ten thousand sets.

A tentative bottom-fishing signal, bullish on the late-month行情

With only about two weeks left until the July end settlement, why did whales show such a huge trading volume right now? Adam’s analysis suggests that such large-scale buying of call options about 10% out of the money (OTM) clearly indicates the market’s optimism about the late-month outlook.

However, investors did not choose to go all-in on directional call buying. Instead, they chose the “bull call spread” strategy with a lower notional cost, which suggests that current fund activity is still “tentative bottom-fishing.” In the face of these data signals, Adam believes the crypto market has been quiet for too long, and it’s reasonable that even a modest rebound has started to appear. He suggests that investors may consider making some small-scale “follow-the-bottom” moves.