A major options trade placed on Monday signals confidence in a steady Bitcoin rally into year-end—without expecting the cryptocurrency to break new all-time highs.

Bitcoin BTC$90,772.41 has recovered to roughly $88,000, rebounding from last week’s dip near $80,000 as traders boost expectations for a 25-basis-point Fed rate cut in December. Still, spot ETF flows have yet to turn supportive: the 11 U.S.-listed spot Bitcoin ETFs saw $151 million in net outflows on Monday, according to SoSoValue.

Against this backdrop, a block trader executed a massive long-dated call condor worth 20,000 BTC in notional value—about $1.76 billion—positioning for Bitcoin to climb above $100,000 by year-end.

“Trader lifted a long-dated 100k/106k/112k/118k call condor for Dec ’25. Signal is clear: a structured bullish view – expecting BTC to reach the $100–$118k zone, not explode past it,” Deribit said on X.

The call condor structure combines four call options with the same expiration but different strikes. In this case, the trader bought calls at $100K and $118K and sold calls at $106K and $112K, creating a payoff that profits most if Bitcoin ends the year between $106K and $112K. The strategy anticipates continued upside but caps gains above $118K, implying expectations for a controlled advance rather than a parabolic breakout.

Notably, the structure suggests the trader does not expect Bitcoin to reach new record levels above $126,000.

Block trades—large private transactions executed off-exchange—are commonly used by institutions to prevent slippage and conceal trading intent. Monday’s blockbuster options position underscores the growing presence of sophisticated players making highly targeted bets not just on Bitcoin’s direction, but on the precise bounds of its potential rally.