Mysterious Whale Bets $2.5 Billion on BTC Surpassing $72,000 by August, $70,000 Mark Becomes Key
An anonymous trader executed a large bullish spread on Deribit, buying 20,000 Bitcoin call options with a $70,000 strike price and simultaneously selling 20,000 calls with a $72,000 strike. The trade, with a notional value of $2.5 billion, expires on July 31st—just two days after the upcoming Federal Reserve policy meeting. This structure positions for Bitcoin's price to rise above $70,000 by expiry, capping gains at $72,000. Bitcoin currently trades around $64,289, requiring a roughly 9% surge to reach the lower strike.
The trade faces immediate obstacles, including key on-chain resistance near $69,000 and volatile inflows into U.S. spot Bitcoin ETFs, which have seen recent large daily outflows. Market predictions provide contrasting context, with some institutional analyses setting short-term support levels as low as $58,000-$59,000, while others maintain long-term bullish year-end targets. The outcome hinges on whether post-Fed demand can overcome these technical and ETF flow hurdles within the trade's brief 10-day window.
marsbit07/21 06:25
