Bitcoin Holds Steady Near $118K as Whale Places $23.7M Bet on Surge to $200K
Bitcoin’s price remains in a tight range between $116,000 and $120,000, even as options market activity heats up with open interest approaching record highs—signaling strong confidence from large traders.
A notable Bitcoin whale recently executed a $23.7 million bullish options spread, betting on BTC reaching $200,000 by year-end. The trade involved buying 3,500 December call contracts with a $140,000 strike and selling 3,500 calls at the $200,000 strike on Deribit, a leading crypto options exchange.
This bull call spread strategy limits risk to the initial cost while capping maximum profit if Bitcoin closes at or above $200,000 by expiration. The position profits from price appreciation within that range.
Bitcoin touched a record high above $123,000 on July 14 but has since consolidated just below $120,000.
Options Market Activity Reflects Rising Institutional Demand
Institutional appetite for Bitcoin options and volatility-based strategies has pushed open interest to near record levels. Deribit reports BTC options open interest at 372,490 contracts—close to the all-time high of 377,892 contracts seen in June.
Ethereum options are also seeing new highs, with open interest reaching over 2.85 million contracts, per Amberdata. Each Deribit options contract represents one unit of BTC or ETH.
