A $68 million bitcoin bet is targeting a post-midterm election breakout to $90,000
BTC when published $80,240Now $80,617 ▲ +0.47% since it was published
Bitcoin BTC $84,459.46 is trading pretty much where it was on Saturday, around $80,000, offering little news on the price front. Most of the other major cryptocurrencies, including ether ETH $2,490.55, XRP (XRP), solana (SOL) and dogecoin DOGE $0.08295, BNB BNB $748.57, are equally listless. In contrast, options trading on decentralized platform Derive is offering some excitement. The platform told CoinDesk that one trader took $68 million bet that BTC's spot price would climb above $90,000 just after U.S. mid-term elections in early November. There has also been an increase in bets implying market prices will top $100,000 by Christmas. First, the $68 million trade. On Oct. 20, a single wallet bought 800 contracts of $90,000 call options expiring on Nov. 6 on Derive. Each contract represents one BTC.
First reported by CoinDesk. This page is a short excerpt; the full text is theirs.
