Bitcoin Price Holds Steady Near $118K as Whale Bets $23.7M on BTC Rally to $200K

Bitcoin’s price has stabilized in the $116,000 to $120,000 range, while activity in the options market remains robust, with open interest approaching record levels.

Despite a pause in BTC’s recent price rally, bullish sentiment among large holders remains strong. One notable whale recently placed a substantial bet on Bitcoin climbing to $200,000 by the end of the year through an advanced options strategy.

This trade involved buying 3,500 contracts of the December $140,000 call option on Deribit while simultaneously selling 3,500 contracts of the $200,000 December call option—a bull call spread with a net cost of $23.7 million. As Deribit Insights explained, this spread “dominates, buying low December $140K implied volatility, funded by higher IV $200K calls.”

The position profits fully if Bitcoin’s price reaches or exceeds $200,000 by the options’ expiration date. Because the premium paid for the $140K call exceeds the premium received from selling the $200K call, the trade results in a net debit but limits potential loss to that initial outlay while capping gains at the $200K strike.

Options contracts are financial derivatives used for speculation or hedging. Call options grant the buyer the right—but not the obligation—to purchase the underlying asset at a set price before expiration, typically reflecting bullish expectations. Put options reflect bearish bets.

Bitcoin’s spot price hit an all-time high above $123,000 on July 14, but has since consolidated tightly between $116,000 and $120,000.

Record Options Market Activity

The price rally, combined with rising institutional interest in structured products that involve volatility trading, has driven a surge in Bitcoin options activity.

On Deribit—responsible for over 80% of global crypto options trading—open interest in BTC options currently stands at 372,490 BTC contracts, nearing the all-time high of 377,892 contracts recorded in June.

Ether options are also seeing new highs, with open interest reaching 2,851,577 ETH contracts, according to Amberdata. On Deribit, one options contract corresponds to one BTC or ETH.