Bitcoin options market on Deribit saw notable concentration in bullish positions: call buying clustered at $70,000 and $72,000 together to form a nominal open interest of nearly $5 billion—about 18% of the total $28 billion open interest for bitcoin options on the platform—making them the most popular trading contracts on the exchange. At the $70,000 strike, there are about 39,000 active call contracts versus 3,800 put contracts. At the $72,000 strike, around 37,900 call contracts stand against only 1,200 put contracts. The contract ratios of calls to puts are overwhelmingly skewed in a clear bullish structure. But the catalyst Orbit Markets identified as the main driver behind this positioning—the Clarity Act optimism—fades quickly. Polymarket’s odds of the Clarity Act being signed into law in 2026 fell to 38% from 51% earlier this week, after Senate Majority Leader John Thune said he does not expect the Senate to pass the bill before the pre-August recess.