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

A Bitcoin whale has placed a $23.7 million bullish options bet on Deribit, targeting a year-end price of $200,000 for BTC. The trade involves a bull call spread—purchasing 3,500 $140,000 December call options while selling an equal number of $200,000 December calls. This strategy limits potential losses to the initial debit while maximizing profit if BTC reaches or exceeds $200,000 by expiration.

Deribit Insights highlighted that the trade capitalizes on volatility differentials, using premium from the higher-strike sale to fund the lower-strike purchase. Such sophisticated positioning reflects strong institutional confidence, even as Bitcoin's price consolidates. This structured play signals expectations of a 200%+ rally from current levels, underscoring whale Optimism for significant upside.