A new trader has just spent $2.5 billion betting that $BTC will reach $72,000 on July 31, and they’ve set a cap.

This trade uses a bull call spread by buying 20,000 contracts at a $70,000 strike while selling 20,000 contracts at a $72,000 strike, both expiring on July 31, two days after the next Fed interest-rate decision.
This structure lowers the cost of the bet, but it also limits how much the buyer can gain if Bitcoin jumps above $72,000. This is a bet on a moderate move, not a moonshot.
Options flows of this scale usually reflect institutional positioning rather than retail speculation. It will need to be watched whether Bitcoin actually holds near that zone once the Fed decision lands.