An institution has hedged $25 million on Derive's on-chain bitcoin options market, betting that bitcoin will continue to rise after the Nov. 5 U.S. election. The deal involves a long options strategy that targets bitcoin prices to $80,000 by Nov. 29, making it the largest on-chain options trade linked to the U.S. election to date.
The agency bought 100 call options with a call-over price of $70,000, while selling 200 call options at $80,000 and 100 put options at $50,000, all due to expire on November 29. As collateral, they used eBTC, a restaking bitcoin generated via EtherFi, to ensure passive gains during the holding period.
An institution bets $25 million on the Derive bitcoin options market
2024-10-24 08:08:18
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