Bitcoin 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. “That’s approximately $68 million in face value at current Bitcoin prices – the largest open Bitcoin position on Derive,” the exchange told CoinDesk. A call gives the holder the right, but not the obligation, to purchase the underlying asset at a predetermined rate on or before a specific date. That’s locking in the right to buy at today’s price in the future.