BTC 62000 Call OI Build Looks Bullish, But It Was a Seller's Block Trade

The BTC 62000 call for the 2026-09-25 expiry shows a clean +100 contract OI build over 24h, the kind of number that on its own reads as call buying. The taker tape says otherwise: two block trades totaling 100 contracts, $472,261 in premium, 100% sell volume and zero buy volume (buyerAggression = 0, z-score 32.7 vs baseline). Combined block notional printed at -$6.18M. Since spot (63,517) sits above the 62,000 strike, this call is already in the money — the flow reads as someone writing/monetizing a deep ITM long-dated call rather than a directional bull opening a position, with a dealer or counterparty absorbing the other side.

Zooming out across the same expiry's OI flow, most of the rest of the chain skews toward put buying with high conviction: 54000 puts (+101.9 OI, buyerAggression 0.99), 50000 puts (+98.4 OI, buyerAggression 0.95) — both taker-bought, not sold. The 62000 call stands out as the one large call-side OI add that was entirely seller-driven, sitting opposite a chain otherwise dominated by buyer-led put accumulation lower down the strip.