Bitcoin whale backs a rally to $200,000 with a $23.7 million bet on BTC before the end of the year.

Bitcoin Price Holds Firm Near $118K as Whale Places $23.7M Bet on Rally to $200K

Bitcoin’s price has remained steady between $116,000 and $120,000, while options market activity surges, with open interest approaching all-time highs.

Although BTC’s price rally has recently paused, bullish conviction remains high among large investors. A notable whale recently executed a significant bullish options strategy, wagering $23.7 million on Bitcoin reaching $200,000 by the end of the year.

The trade consisted of buying 3,500 contracts of December $140,000 call options and selling 3,500 contracts of $200,000 December call options on Deribit, forming a bull call spread. Deribit Insights highlighted the trade as “buying low December $140K implied volatility, funded by higher IV $200K calls.”

This strategy will yield maximum profit if BTC finishes at or above $200,000 at expiration. Because the premium paid for the $140K calls is higher than the premium collected from selling the $200K calls, the position has a net cost (debit) of $23.7 million, limiting the downside risk to that amount while capping gains at the upper strike price.

Options allow traders to speculate or hedge based on expected price moves. A call option gives the holder the right to buy the asset at a set price within a specified time, usually signaling bullish sentiment.

Bitcoin reached a record high of over $123,000 on July 14 but has since consolidated in a narrow range between $116,000 and $120,000.

Options Market Nears Record Levels

BTC’s recent price action and increasing institutional demand for structured volatility products have fueled a surge in options trading volume and open interest.

On Deribit, which handles over 80% of global crypto options trading, Bitcoin options open interest stands at 372,490 contracts—just below the record high of 377,892 contracts set in June.

Ether options have also hit record open interest levels, currently at 2,851,577 contracts, as reported by Amberdata. Each contract on Deribit represents one BTC or ETH.