Deribit Exchange Sees $23.7M Bitcoin Whale Bet Targeting $200K by December

A major Bitcoin whale has executed a $23.7 million bullish options trade on Deribit, aiming for BTC to hit $200,000 by year-end. The strategy employs a bull call spread—purchasing 3,500 Deribit-listed $140,000 December call options while selling an equal number of $200,000 December calls.

This aggressive positioning signals strong confidence in Bitcoin's upside potential despite recent price consolidation. The trade achieves maximum profit if BTC closes at or above $200,000 by expiration, with risk limited to the initial $23.7 million investment. "The Dec 140-200k Call spread dominates, buying low Dec 140k IV, funded by higher IV 200k Calls," observed Deribit Insights.

This substantial options activity underscores growing institutional belief in Bitcoin's long-term growth trajectory as we approach 2024.