A whale has just bet 23.7 million dollars on an explosive scenario: a Bitcoin $ 200,000 by the end of the year. This massive bet, structured via a strategy of complex options, upsets market expectations while the BTC evolves under 120,000 dollars.
In short
- A whale bets $ 23.7 million on a BTC at 200,000 dollars by the end of 2025.
- Bitcoin undergoes a liquidation of $ 130 million under $ 115,000, with critical support areas between $ 113,500 and $ 110,500.
- The options suggest a moderate Bull Run around 180,000 to 200,000 dollars, supported by the ETF.
Why an investor has $ 23 million on a Bitcoin $ 200,000
The position on Bitcoin is based on a Bull Call Spread between $ 140,000 and 200,000 dollars, revealed by Deribit Insights. Indeed, the buyer acquired CALL options at 140K, funded by the sale of Calls at 200K, for a deadline in December 2025. This strategy reduces the initial cost while fixing a terminal higher than the gain.
However, for this assembly to be profitable, the BTC must exceed $ 140,000, with maximum gain if the price reached or exceeds $ 200,000. Such an operation, estimated at $ 23.7 million, represents one of the most significant positions in Open Interest on the Bitcoin options market.
This reading suggests a strong conviction of a return to the historical summit, even beyond. Note, the position is distinguished by a fine calibration, without exaggerated leverage, which strengthens its strategic rather than speculative character.
Mass liquidations on Bitcoin: around $ 110,000?
In the wake of this bet, Bitcoin experienced a liquidation of $ 130 million in long positions, which started under the $ 115,000. This area has concentrated a strong accumulation of liquidity, acting as a technical support threshold. In addition, the long -style purge coincided with reactivated spot purchase signals in this same range.
Order Book's data reveals active defense areas between $ 113,500 and $ 110,530. These thresholds constitute the next critical media in the event of sustainable break under $ 115,000. To this end, analyst Daan Crypto Trades stresses that any drift below this level could alter the bullish feeling in place.
On the other hand, as long as this area holds, the scenario of a reinforced local floor remains valid, supporting the potential of a progressive rebound around 130k.
What the options tell us about the next Bull Run BTC
The analysis of the Bitcoin options of December 2025, and in particular the dominant position between 140k and 200k, reveals an institutional positioning which anticipates a structured bullish cycle. This configuration suggests that the market expects a gradual return to a new ATH, rather than a brutal pump.
The levels of Strikes used (140k in purchase, 200k on sale) draw the corridor of a moderate bullish scenario, in which the BTC would cross the 130K at the end of 2024 to target the 180-200K mid-2025.
Three fundamental levers support this reading:
- Reduction of the offer after the Halving Bitcoin;
- Croissant influx of ETF Spot;
- Interest rate stabilized or even down.
In connection with this dynamic, Vugar Usi Zade, COO de Bitget, underlines:
The activity of the whales has intensified in the main assets – with the increase in the total blocked value (TVL), the sustained inputs of the ETFs and the strategic positioning of the whales, BTC, ETH and soil are well positioned for new gains until the third trimester 2025.
The bet on a Bitcoin at $ 200,000 at the end of the year So does not reflect an irrational euphoria, but a rational anticipation of a market dynamic.
3 days after Trump Media has invested $ 2 billion in Bitcoin, it is a daring bet of $ 23 million on the BTC which reveals the assumed optimism of investors to Queen Crypto. Between institutional strategy and technical signals, the road remains strewn with uncertainties. Is the flight to a new ATH a mirage or the start of a new cycle?
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