Crypto
Bitcoin Traders Bet Big on $95K Target as Options Expiry Looms
A $3.2 million options trade on Deribit is targeting Bitcoin to hit $95,000 by October 30.
The butterfly spread trade requires a 12.6% increase in five weeks for maximum profit.
The largest open position on Deribit at $2 billion is the October 30 $95,000 call, with about 23,275 Bitcoin covered.
Deribit's chief commercial officer notes that this trade reflects a narrow price range with limited risk.
Another important factor to consider is the upcoming September 25 expiry of $16 billion in Bitcoin options, which could influence Bitcoin's market price.