Trader Bets Big on $95,000 Bitcoin Price Target, But Faces Unlikely Loss at $100,000

A trader has bet $3.17 million on a rise in Bitcoin's price, targeting a specific level of $95,000 by October 30.

The position is based on a long call butterfly options strategy, which involves buying and selling call options at different strike prices.

While a rise to $100,000 or beyond would typically be seen as a significant gain, in this case, it could actually reduce the expected profit for the trader.