Cryptocurrency trader makes a record $ 1.7 billion bet on bitcoin growth

On Monday, November 24, a major trader placed a large-scale bet on the growth of bitcoin BTC $88,509.17 Mezo Wrapped BTC 1.07% Market capitalization $43.67 million VOL. 24 hours $2.03 billion , expecting the price of the cryptocurrency to exceed $ 100,000 by the end of the year, but not to reach new historical highs.

The leading cryptocurrency has recovered to around $ 88,000 after falling to $ 80,000 last week. The rise is attributed to expectations of a 25 basis point cut in the US Federal Reserve’s benchmark rate in December. At the same time, spot bitcoin ETFs have not yet demonstrated a resumption of institutional buying: according to SoSoValue, eleven funds recorded net outflows of $ 151 million on Monday.

Nevertheless, a trader opened a large «long call condor» option position with a nominal value of 20,000 BTC (approximately $ 1.76 billion). According to Deribit, the transaction included the purchase and sale of options for December 2025 with strike prices of $ 100,000, $ 106,000, $ 112,000, and $ 118,000. Such a structure indicates a moderately optimistic outlook: the price is expected to grow in the range of $ 100,000-$ 118,000, but without breaking through to new records.

The essence of the strategy is that a trader buys one call option with a lower strike ($ 100,000), sells two medium-sized ones ($ 106,000 and $ 112,000), and buys another one with the highest strike ($ 118,000). This allows you to make a profit if the price of bitcoin is between $ 106,000 and $ 112,000 at the end of the year. If it exceeds $ 118,000, the potential profit is limited, which means expecting stable but not excessive growth.

Such large transactions, known as block trades, are made outside the open market between two parties so as not to affect the current price of the asset. They are usually made by institutional investors or traders with large capital.

The latest transaction demonstrates that professional market participants are not only betting on the direction of bitcoin’s movement, but are also forming complex positions targeting specific price ranges by the end of the year. This demonstrates the desire to control risks and benefit from predictable fluctuations in the exchange rate.