Bitcoin Wallet Buys 800 Derive Calls at $90,000 Strike for Nov. 6

A wallet bought 800 Bitcoin (BTC) call options on Derive on Oct. 20, with a $90,000 strike and a Nov. 6 expiration. The position carries about $68 million in notional value. Derive identified the trade as the largest open Bitcoin position on its platform. The wallet also netted about $940,000 by selling calls. Market pricing on Derive put the chance of Bitcoin topping $100,000 before Christmas at 12%, up from 9.7%. That pricing implied some traders were positioning for Bitcoin to rise after the U.S. midterm elections. Enna Lee reports on investing and digital-asset markets for TokenPost.

Source: TokenPost