Bitcoin Whale Places $23.7M Bet on $200K Price by Year-End
Bitcoin's price rally has slowed, but whale investors remain bullish. A notable whale executed a significant options strategy targeting $200,000 by year's end, involving:
- Purchase of 3,500 contracts of the $140,000 December call option
- Short sale of 3,500 contracts of the $200,000 December call option
This bull call spread resulted in a net debit of $23.7 million. The strategy aims for maximum profit if BTC reaches or exceeds $200,000 by expiration. It offers limited gains and caps potential loss to the initial debit.
Bitcoin's spot price peaked at over $123,000 on July 14 and has since ranged between $116,000 and $120,000.
Record Options Activity
Growing institutional interest has increased options market activity. On Deribit, which handles over 80% of global options trading, open interest for BTC options reached 372,490 BTC, nearing the record high of 377,892 from June.
Ether options open interest also hit a record of 2,851,577 ETH.
