A wallet bought 800 Bitcoin call options on Derive with a total notional value of about $68 million, a strike price of $90,000 and a November 6 expiry. The position was financed by selling 400 options with a $100,000 strike expiring in March 2027 and 400 options with a $90,000 strike expiring on October 30, generating net upfront proceeds of roughly $940,000. The $68 million figure represents the value of the underlying Bitcoin, not the amount actually paid in premiums. The outcome will depend on Bitcoin’s price path and the full set of sold contracts, including whether the price is at or below $90,000 on November 6. The November 3 US midterms may influence market expectations, but no election result mechanically guarantees a rise in Bitcoin.
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