Bitcoin Butterfly Spread Bets on $95,000 Price Target by End of October

A large-scale option trade has been placed on Bitcoin's price by the end of October. The trade, worth $3.2 million, bets that the cryptocurrency will reach a price of $95,000 by then. This is one of the most aggressive predictions made in recent times.

The trade was executed using a 'butterfly spread,' which involves buying and selling different options to profit from varying price movements. In this case, the trader has bought options with strike prices at $80,000 and $100,000, while simultaneously selling options with strike prices at $70,000 and $90,000.

This trade is notable not only for its sheer size but also for its ambitious price target. Bitcoin's current price is around $30,000, so the trader is predicting a near-300% increase in just over two months. Such predictions are often seen as extreme and may be subject to significant volatility.