Bitcoin Whale Bets $1M on Volatility with Long Straddle at $66K Strike Price, Expiring November 29

A significant $1 million Bitcoin options trade on Deribit has caught the attention of the market. The trade, executed as a long straddle, involves 100 call and put contracts at a $66,000 strike price, expiring on November 29.

This bet indicates expectations for substantial Bitcoin price volatility, with the trader anticipating prices to move outside the $53,000 to $87,000 range.

Additionally, the most traded option on Deribit in the past 24 hours is a $BTC put at the $40,000 strike price, expiring on November 8, coinciding with the U.S. presidential election results announcement. Fresh investments by Bitcoin whales, totaling over $100 billion, further signal a transformative phase in the market.

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