A block trader created a $1.76 billion options bet that Bitcoin will return to $100,000 by the end of the year but will not reach a new high.

On Monday, a Block Trading trader bet that the Bitcoin price will continue to rebound until the end of the year, expecting the price to break the 100,000 USD barrier again, but not to set a new historical high. This is a massive “bullish vulture” Options strategy with a notional value of 20,000 Bitcoins (1.76 billion USD), betting that the Bitcoin price will continue to rise above 100,000 USD before the end of the year.

Bitcoin, as the highest market capitalization cryptocurrency, has rebounded from last week's low of nearly $80,000 to around $88,000. Although this rebound is mainly driven by the market's expectation of a 25 basis point rate cut by the Federal Reserve in December, there has not yet been an institutional buying rebound in spot ETFs. Data from SoSoValue shows that on Monday, 11 spot ETFs recorded a net outflow of $151 million.

Traders bought the 100k/106k/112k/118k bullish options vulture strategy expiring in December 2025. The signal is clear: structured traders bought the 100k/106k/112k/118k bullish options vulture strategy expiring in December 2025. The signal is clear: a structured bullish outlook - expecting Bitcoin prices to reach the range of 100,000 to 118,000 dollars, rather than breaking out of that range,” crypto options exchange Deribit disclosed on X.

The long-term bullish vulture strategy is a four-legged options strategy that involves trading four call options with the same expiration date but different strike prices. It is constructed by buying one call option with a lower strike price ($100,000), selling two call options with intermediate strike prices ($106,000 and $112,000), and then buying one call option with the highest strike price ($118,000). (CoinDesk)