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Institutional $1.74B Bitcoin Options Trade Targets $100K-$112K by Year-End
An institutional trader executed a significant options trade involving 20,000 BTC worth $1.74 billion on Deribit via Paradigm.
- The trade ranks among the largest single options trades this year.
- A call condor structure with strikes at $100,000, $106,000, $112,000, and $118,000 expiring on Dec. 26, 2025, was used.
- The strategy profits if BTC lands within the $100,000-$118,000 range at expiry, with maximum profit between $106,000-$112,000.
Deribit's analysis suggests bullish expectations for BTC to reach the specified price zone without significant excess.
Market Impact
- The whale's positions dominate the December 26 expiry structure as the top four by open interest.
- $100,000 strike leads with 15,517 BTC in open interest; others follow close behind.
- Bets reflect broader market sentiment favoring calls over puts, with current options showing 63% call dominance.
- The whale trade accounts for about 3.4% of total BTC options open interest.
Near-Term Price Movement
- The trade profits only if BTC is between $100,000 and $118,000 at expiry.
- Current BTC trading around $87,000 requires a 15% rally to reach the lower profit zone.
- The Dec. 26 expiry leaves just over one month for the position to play out.