Bitcoin Traders Bet Big on Price Surge Above $82,000

Bitcoin's recent surge has traders betting big on further gains.

A whopping $2.9 million was spent on call-option contracts with a strike price of $82,000, expiring on September 4th.

This trade is essentially a bet that Bitcoin's spot price will rise above $82,000 by the expiry date.

The buyers are effectively purchasing a lottery ticket for a relatively small upfront cost, with the potential for a much larger payout if the bet pays off.