Savvy Trader Places $3.2M Bet on Bitcoin Reaching $95,000 by October 30

A large and sophisticated bet has been placed on Bitcoin's price, targeting $95,000 by October 30. The trade, valued at $3.2 million, is a butterfly spread executed on Deribit, one of the leading venues for crypto options.

The strategy involves buying one call option at a lower strike, selling two calls at a middle strike, and buying one more call at a higher strike. This creates a 'tent' structure that peaks sharply at the target price and tapers off in both directions.

If Bitcoin settles at $95,000 on October 30, the trade delivers its maximum return. However, if it lands significantly above or below this target, the losses are capped at the $3.2 million premium paid.