Whale investor stakes $23.7M anticipating Bitcoin’s climb to $200,000 before year-end.

Bitcoin Stabilizes Around $118K as Whale Places $23.7 Million Bet on Price Rally to $200K

Bitcoin’s price remains steady between $116,000 and $120,000, even as trading activity in the options market approaches record levels, signaling strong bullish sentiment among large investors.

One prominent Bitcoin whale recently made a significant options trade worth $23.7 million, betting on a rally that could push BTC to $200,000 by the end of the year. The trade consists of buying 3,500 December call option contracts with a $140,000 strike price and selling 3,500 December call contracts at the $200,000 strike price on Deribit, creating a bull call spread.

This strategy aims to profit if Bitcoin’s price exceeds $200,000 by expiration, with the maximum gain capped at that level. The initial net debit paid for the position reflects the premium difference between the lower strike calls purchased and the higher strike calls sold, limiting risk to the upfront cost.

Options provide traders with the right—but not the obligation—to buy or sell an asset at a set price before a specified date, making calls a common vehicle for bullish positions.

Bitcoin reached an all-time high above $123,000 on July 14 but has since traded sideways within a narrow range just below $120,000.

Surging Options Activity Points to Institutional Interest

The recent Bitcoin price stability coincides with increased interest in options, driven by institutional players seeking exposure to volatility and structured products.

Deribit, which accounts for over 80% of global crypto options trading, reported Bitcoin options open interest at 372,490 contracts—just below the June peak of 377,892 contracts.

Ethereum options are also breaking records, with open interest reaching 2,851,577 contracts, according to Amberdata. On Deribit, each options contract corresponds to one unit of the underlying asset, BTC or ETH.