Large bitcoin call spreads are targeting a price of $72,000 by the end of July, coinciding with the Federal Reserve's upcoming interest rate decision. According to Jean-David Péquignot of Deribit, the significant options flow suggests institutional involvement, reflecting confidence in bitcoin's recent rise to $64,000. The timing of these trades indicates expectations that the Fed meeting could catalyze further price movement. Currently, Fed funds futures suggest a high probability of maintaining the benchmark rate at 3.5%-3.75%, with diminished fears of a rate hike following June's inflation data. The data showed a deceleration in inflation, largely due to a drop in oil prices linked to a U.S.-Iran ceasefire, and stable core inflation figures.