Price Prediction
Bitcoin Bet Targeting $90,000 Post-Election
A trader has placed a $68 million bet on Derive, a decentralized options platform, that Bitcoin (BTC) will break above $90,000 just after the U.S. mid-term elections in early November. The position involves buying $90,000 call options on BTC, with the right to purchase BTC at today's price in the future. The trader also sold $100,000 and $90,000 call options to finance the $68 million position. The probability of BTC exceeding $100,000 by Christmas has increased from 9.7% to 12%, while the probability of BTC falling below $70,000 by Christmas has decreased from 15.6% to 11%. Derive is the world's largest decentralized options platform by notional volume and open interest.