A single wallet bought 800 call contracts on bitcoin with a $90,000 strike expiring November 6 on the decentralized platform Derive, worth about $68 million in face value and the largest open bitcoin position on the exchange. The wallet financed the purchase by selling 400 calls at $100,000 expiring March 2027 and 400 calls at $90,000 expiring October 30, netting about $940,000. Derive's market-implied chance of bitcoin exceeding $100,000 by Christmas rose from 9.7% to 12%, while the implied chance of falling below $70,000 dropped from 15.6% to 11%. Bitcoin was trading near $80,000, roughly flat. Derive remains much smaller than the centralized Deribit, which handles several billions of dollars in volume and open interest every day.
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Related tickers and likely impact
BTC/USDT
▲ Likely positiveBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/25/2026 | 80,154.09 |
| Change that session | -0.91% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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