Trader Takes $173M Bet Against $70K Bitcoin Price

A large trader has taken out a significant position in Bitcoin call options, betting that the cryptocurrency will remain below $70,000 through September 25.

The trade involves selling $173 million worth of Bitcoin call option contracts with a strike price of $70,000. This strategy is common among institutional players seeking to generate income from their Bitcoin positions or express a bearish-to-neutral short-term outlook.

If the price stays below $70,000 by the expiry date, the options will expire worthless, and the seller keeps the entire premium of $3.03 million. However, if Bitcoin exceeds the threshold, the buyer may exercise the options, and the seller could incur losses.