Key Notes
- Institutional trader deployed $1.74B in Bitcoin options via Deribit, targeting $100K-$112K profit zone by Dec.26.
- Four strikes dominate December expiry with 55,000 BTC in open interest, ranking as top positions on Coinglass data.
- Trade aligns with 63% market call dominance but requires 15% Bitcoin rally from $87K to reach lower profit threshold.
An institutional trader executed a massive options position of 20,000 BTC
BTC
$87 205
24h volatility:
0.8%
Market cap:
$1.74 T
Vol. 24h:
$72.14 B
(worth $1.74 billion) on Deribit via Paradigm on Nov. 24.
This ranks as one of the largest single options trades seen this year. The trade uses a call condor structure, a complex options strategy that profits if Bitcoin lands within a specific price range, with strikes at $100,000, $106,000, $112,000, and $118,000, all expiring Dec. 26, 2025.
According to Deribit’s official analysis, the positioning reflects bullish expectations that Bitcoin will reach the $100,000-$118,000 zone but not exceed that range significantly.
Maximum profit occurs if BTC lands between $106,000-$112,000 at expiry.
Whale Trade Dominates December Expiry Structure
The market impact is substantial. The whale’s four strikes now dominate the December 26 expiry structure, ranking as the top four positions by open interest (the number of active contracts).
The $100,000 strike leads with 15,517 BTC in open interest, followed by $112,000 (14,062 BTC), $106,000 (13,090 BTC), and $118,000 (13,066 BTC), according to Coinglass data. Combined, these strikes represent over 55,000 BTC in open interest.
The positioning aligns with broader market sentiment, favoring calls (bets on price increases) over puts (bets on price decreases).
Bitcoin options currently show 63% call dominance, with 375,267 BTC in calls versus 218,000 BTC in puts. The whale trade represents roughly 3.4% of total BTC options open interest.
Year-End Rally Requires 15% Gain From Current Levels
The trade profits only if Bitcoin lands between $100,000 and $118,000 at expiry. Below $100,000 or above $118,000, the position incurs losses capped at the initial premium paid. The structure sacrifices unlimited upside potential in exchange for defined maximum risk.
With Bitcoin currently trading around $87,000, the trade requires approximately a 15% rally to reach the lower profit zone at $100,000.
Related article: Bitcoin Eyes Its 3rd-Worst Month in 5 Years, Is Bottom In?The Dec. 26 expiry gives the position just over one month to play out, making this a concentrated bet on near-term price action heading into year-end.
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