TechFlow reported, citing Lin Chen, Head of APAC Business at Deribit, that a large Bitcoin options trade occurred on the platform today. A major trader simultaneously sold year-end Bitcoin call options with a strike price of $65,000 and purchased year-end call options with a strike price of $100,000. The transaction involved 551 BTC and generated premium income of $4.89 million.
According to Lin Chen, this trader likely holds a substantial Bitcoin position and is using a bull call spread strategy to generate returns. In terms of BTC-denominated returns, this operation yields 21.85% (approximately 52.2% annualized). If Bitcoin's price remains flat or declines, the collected premiums serve as hedging income; if Bitcoin surges significantly, the call options with a $100,000 strike price can hedge against extreme upside risk.
