$3.2M Trade Seeks $95,000 Bitcoin Price by October 30th

A significant $3.2 million trade on Deribit, a crypto options platform, is betting on Bitcoin reaching $95,000 by October 30th. The trade uses a butterfly spread strategy, which involves buying one call at a lower strike, selling two calls at a middle strike, and buying another call at a higher strike.

The middle strike in this case is the $95,000 target, where the position will deliver its maximum return if Bitcoin settles there. If it lands significantly above or below that target, the losses are capped at the $3.2 million premium paid.

This trade didn't happen in a vacuum, as the October 30th expiry has become a magnet for bullish positioning across the Bitcoin options market. Over 22,000 contracts have changed hands for the $95,000 call option alone, contributing to roughly $1.9 billion in notional trading volume over a recent 24-hour window.

The clustering of activity at higher strikes suggests a market that's pricing in meaningful upside potential from current levels, not merely hedging existing positions. Bitcoin's spot price has been oscillating between $85,000 and $86,000 recently, with data showing a broader range of $81,000 to $86,000 over the back half of September.