{"id":25579,"date":"2025-07-25T11:28:40","date_gmt":"2025-07-25T08:28:40","guid":{"rendered":"https:\/\/forklog.com\/en\/whale-bets-5-million-on-bitcoin-falling-below-110000\/"},"modified":"2025-07-25T11:28:40","modified_gmt":"2025-07-25T08:28:40","slug":"whale-bets-5-million-on-bitcoin-falling-below-110000","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/whale-bets-5-million-on-bitcoin-falling-below-110000\/","title":{"rendered":"Whale Bets $5 Million on Bitcoin Falling Below $110,000"},"content":{"rendered":"

A crypto investor has placed a substantial wager on the price of the leading cryptocurrency dropping below $110,000 by early August, anticipating a decline of at least 8%. This was reported by Bloomberg<\/a>.<\/p>\n

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On July 23, the trader purchased put options on Deribit with a strike price of $110,000 and an expiration date of August 8. According to prime broker FalconX, the contract cost him approximately $5 million in premiums. The transaction was executed in two stages \u2014 for 3000 and 2000 BTC. The total nominal value of the option exceeded $550 million.<\/p>\n

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\u201cThis is likely the largest single-sided block trade in dollar nominal value in Deribit’s history,\u201d said Griffin Sears, head of derivatives at FalconX’s New York division.<\/p>\n<\/blockquote>\n

He noted that the size, structure, and short-term nature of the deal indicate \u201chigh institutional-level confidence.\u201d According to him, it is telling that such a volume of risk was realized through a single position rather than a complex combination, pointing to a \u201cclearly defined strategy.\u201d<\/p>\n

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\u201cTraders could also use similar structured bets to hedge short-term fluctuations or play on volatility,\u201d the agency writes.<\/p>\n<\/blockquote>\n

\"OI\"
Open interest at various option strike prices. Source: Deribit, Bloomberg. <\/figcaption><\/figure>\n

The crypto derivatives market is still in its early stages compared to traditional options segments. However, the size and structure of the deal indicate growing risk appetite from institutional investors, analysts noted. <\/p>\n

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\u201cThis deal is significant not only for its volume [\u2026]. It shows how far the crypto options market has advanced in terms of depth and ability to handle institutional-scale flows,\u201d noted Nicholas Quattravo, head of Paradigm for the EMEA<\/span> region.<\/p>\n<\/blockquote>\n

The lion’s share of trading volume in the current market phase is accounted for by derivatives: futures, options, and perpetual swaps. Open interest on Deribit has exceeded $40 billion<\/a>.<\/p>\n