Bitcoin and Ethereum traders adopted divergent strategies ahead of the release of the US July Consumer Price Index (CPI) data. Some traders bet on price increases by purchasing Bitcoin call options on Deribit (such as the 25SEP26 70k call option, with a total premium of approximately $2.5 million), anticipating that CPI data might be lower than expected, pushing Bitcoin to break out of its current $62,000-$66,000 range and move towards $70,000. Other traders bet on increased volatility by purchasing December strangles for Bitcoin and Solana, aiming to profit from significant price movements in either direction. On-chain data showed that Ethereum recorded net exchange outflows of $49.7 million and $164.6 million over the past day and week, respectively, indicating an accumulation trend; however, smart traders on the decentralized exchange Hyperliquid held net short positions of $46.8 million in Bitcoin and $20.9 million in Ethereum.