$3.17 Million Bitcoin Options Trade Bets on $95,000 Price by October

A large $3.17 million Bitcoin options trade has been placed in anticipation of the cryptocurrency's price reaching or surpassing $95,000 by October.

The strategy is a so-called 'long call butterfly,' where the focus isn't on the asset hitting an all-time high but rather being at a specific level by a certain date.

A long call butterfly is a type of options trading strategy that involves buying and selling calls with different strike prices. In this case, the trade involves buying $90,000 calls, selling $95,000 calls, and buying $100,000 calls.

The strategy aims to profit if Bitcoin's price is around $95,000 by October 30, but it will lose value if the price is significantly lower or higher than that. This is a unique example of how traders can use options to bet on specific price levels rather than just direction.