Bitcoin Trader Bets $3.17M on Price Reaching $95K by October 30

A significant options position in Bitcoin has been executed, targeting a price of $95,000 by October 30. The buyer paid an upfront cost of $3.17 million to establish this trade. This bet is unusual because its payout structure means that if Bitcoin's price rises above the target, the initial payment could be erased.

The position was executed through Paradigm's liquidity network in five blocks. It is a 'long call butterfly' strategy, which combines October 30 call options at three prices: $90,000, $95,000, and $100,000. The buyer purchased calls at the lowest and highest levels while selling twice as many at the middle one.

This structure reaches its maximum profit at the middle strike at expiry. At or beyond either outer strike, the initial premium is lost. The buyer accepts these limits in exchange for a position built around a particular outcome.