Trader places $68 million bet on Bitcoin hitting $90,000 after U.S. midterm elections

A single wallet purchased 800 Bitcoin call options expiring Nov. 6 with a $90,000 strike price on the decentralized platform Derive, representing approximately $68 million in face value. The trade was structured by selling 400 $100,000 call options and 400 $90,000 call options expiring Oct. 30 to collect a net $940,000. Concurrently, Derive's market-implied probability of Bitcoin exceeding $100,000 by Christmas rose to 12% from 9.7% a week prior.