Bitcoin Holds Steady Near $118K as Whale Places $23.7M Bet on Rally to $200K by Year-End
Bitcoin’s price has stabilized in the $116,000 to $120,000 range while options trading surges, with open interest nearing record highs.
Despite a recent pause in Bitcoin’s upward momentum, large investors remain confident. One notable whale recently executed a bullish options trade totaling $23.7 million, wagering that Bitcoin will hit $200,000 before the year ends.
This trade involved purchasing 3,500 December call option contracts with a $140,000 strike price and simultaneously selling 3,500 call option contracts at the $200,000 strike price on Deribit, forming a bull call spread. According to Deribit Insights, the position “buys low implied volatility on the $140K calls, funded by selling higher volatility $200K calls.”
Maximum profit will be realized if Bitcoin’s price reaches or exceeds $200,000 at expiration. The initial cost of the trade—the net debit—reflects the premium difference paid for the lower strike calls minus the premium received for the higher strike calls. This structure caps potential gains at $200,000 while limiting losses to the initial investment.
Options give traders the right—but not the obligation—to buy or sell an asset at a predetermined price before expiration, making calls a popular tool for bullish bets.
Bitcoin hit an all-time high of over $123,000 on July 14 but has since consolidated in a tight range just below $120,000.
Options Market Nears Record Activity
Increased institutional demand and recent price action have driven a surge in Bitcoin options volume and open interest.
Deribit, the world’s largest crypto options exchange, reports Bitcoin options open interest at 372,490 contracts—just shy of the all-time high of 377,892 contracts reached in June.
Ethereum options have also set new records, with open interest hitting 2,851,577 contracts, according to Amberdata. On Deribit, one options contract equals one BTC or ETH.
