Bitcoin Investor Takes a $25 Million Gamble on $100,000 Bitcoin by March 2023

IconCryptoNewsTerminal Staff15 Jul, 2024

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Bitcoin Investor Takes a $25 Million Gamble on $100,000 Bitcoin by March 2023

An anonymous investor has made a bullish bet on Bitcoin (BTC), purchasing 490 BTC worth of call options that expire in March 2023 and have a strike price of $100,000. This trade, reportedly made on Deribit, represents a total investment of approximately $25 million. According to Lin Chen, Head of Asia Business Development at Deribit, this is a significant trade that indicates growing confidence in Bitcoin's long-term prospects. The call options give the buyer the right, but not the obligation, to purchase Bitcoin at $100,000 per coin on or before the expiration date. This trade suggests that the investor believes Bitcoin's price will rise above $100,000 by March 2023, potentially signaling a broader bullish sentiment in the cryptocurrency market.

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