Bitcoin options market sees $3.17 million butterfly trade targeting $95,000

A significant $3.17 million ‘long call butterfly’ option trade has emerged in the Bitcoin market, targeting a price point near $95,000 for the October 30 expiration. This specific strategy involves buying call options at $90,000 and $100,000 while selling twice the amount at the $95,000 strike price. The position is designed to maximize profit if Bitcoin settles near $95,000; however, if the price rises above $100,000 or falls below $90,000, the investor risks losing the initial $3.17 million premium.

Broadly, the Bitcoin options market is showing a bullish tilt. Total open interest has risen to approximately $50.81 billion, a 20% increase from the previous day. Call options currently dominate the market, accounting for 61.73% of open interest and 67.68% of 24-hour trading volume. The highest concentrations of open interest and trading volume are centered around the $90,000, $95,000, and $100,000 strike prices for the October 30 expiration on Deribit.