TechFlow reported, according to LinChen, Head of APAC Business at Deribit, an investor purchased an options portfolio worth 504 bitcoins, specifically buying call options expiring at the end of October with a strike price of $75,000, while simultaneously selling call options expiring at the same time with a strike price of $90,000. The investor paid a premium of $541,000 for this strategy.
This move indicates bullish market sentiment, where the investor reduces the net cost of going long through a combination of buying and selling options. The position will become profitable as long as the Bitcoin price exceeds $77,000 at expiration.
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