CandleFocus Institution Takes $25M Hedge Bet on Derive's Bitcoin Options Market as U.S. Election Looms
2024-10-24
Author: Content Editor
An institution has made a $25 million bet on Bitcoin (BTC) in the decentralized derivatives exchange Derive's onchain options market. The strategy involves acquiring call option contracts with a $70,000 strike price while simultaneously selling contracts with a $80,000 strike price and a $50,000 put. The institution has deposited eBTC as collateral. The trade will be most profitable if BTC reaches $80,000 by the end of November. This significant options trade represents a milestone for onchain options trading and highlights the potential for scalable, non-correlated yield in onchain assets. The U.S. election is contributing to increased trading volumes in the crypto market, with the outcome expected to have implications for crypto regulation in the largest economy.
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