$3.17 Million Bitcoin Options Trade Points to $95,000
A large butterfly position on Deribit and Laevitas puts the focus on the October 30 expiration, while the options market is also pricing in more volatility.
Key Takeaways
- A $3.17 million Bitcoin options trade points to a price around $95,000 at the October 30 expiration.
- The position was a long call butterfly with calls at $90,000 and $100,000 and short calls at $95,000.
- The options market is pricing in more volatility and showing stronger demand for call options.
A notable Bitcoin options trade worth $3.17 million (€2.8 million) points to a price around $95,000 (€82,700) by the end of October. The position fits into a broader wave of bullish positioning, as traders look for more upside exposure and the options market prices in higher volatility.
Large Butterfly Position
According to data from Laevitas, this was a long call butterfly for the October 30 expiration. The trader bought calls at $90,000 (€78,300) and $100,000 (€87,000) and at the same time sold twice as many calls at $95,000 (€82,700). The position was executed in five blocks, each with 1,000 long calls at $90,000 (€78,300), 2,000 short calls at $95,000 (€82,700), and 1,000 long calls at $100,000 (€87,000).
This setup pays off the most if Bitcoin is around $95,000 (€82,700) at expiration. Between $90,000 (€78,300) and $100,000 (€87,000), there is still a positive gross return possible, but outside that range the payout is zero and the trader could lose the full $3.17 million (€2.8 million) stake. The structure shows that the market participant is betting on a very specific outcome, not a broad rally.
More Demand for Calls
The butterfly was not an isolated trade. Traders also increased their demand for call options, which pushed short-term risk reversals higher. Laser Digital said in a note that those risk reversals swung sharply in favor of calls during the move up to $85,000 (€74,000), before easing back a bit.
The broader derivatives market is also showing more focus on volatility. Coinbase Markets said Monday that options for major tokens are pricing in swings of 8.9% for XRP, 8.0% for SOL, 6.9% for ether, and 5.0% for Bitcoin through September 27. That does not say anything about direction, but it does show that traders are bracing for big moves in the short term.
Why This Matters
For European crypto investors, this matters mainly because the Bitcoin options market is increasingly sending its own signal alongside the spot market. A large position around a specific price level can say something about where professional traders are setting expectations, without locking in any outcome. The fact that the market is also pricing in more volatility makes it clear that the next few weeks are not just about direction, but also about how fast the move happens.
Earlier bullish options positions around Bitcoin also showed how strongly traders can position for higher strikes right before an expiration.
