Whale put $ 5 million to fall bitcoin below $ 110,000

The cryptoin investor has made a large -scale rate to reduce the price of bitcoin to the level below $ 110,000 by early August – the expected fall is at least 8%. About it reports Bloomberg.

On July 23, the trader purchased a $ 110,000 Put-Opions at Deribit and August 8th. According to the FalconX Prime Broker, the contract was about $ 5 million. The agreement took place in two stages-3000 and 2000 BTC. The total value is over $ 550 million.

“It is probably the largest block-wealth in Deribit history,” said the head of the derivatives department of the New York Office of Falconx Griffin Sir.

According to him, the size, structure and short -term nature of the operation indicate “high confidence of the institutional level”. The fact that the whole amount of risk was implemented by one position, not a complex combination, points to a clearly formed strategy.

“Traders could also use similar structured transactions to hedge short -term volatility,” Bloomberg writes.

Open interest in different strikes of options. Source: Deribit, Bloomberg.

Despite the fact that the cryptodeoderial market is still in the early stage of development compared to traditional financial instruments, the scale of this agreement demonstrates an increase in appetite to risk investors.

“This agreement is important not only in volume […]. It demonstrates how much the crypto -opto -Optopian market has advanced in terms of depth and the ability to serve institutional scale flows, ”said Paradigm head in the region Emea Nicholas Katravo.

Now the lion’s share of the volume in the market is derivatives – futures, options and indefinite swaps. Open interest in Deribit has exceeded $ 40 billion.

As of the time of Bitcoin publication, it is traded at $ 115 740 – a reduction by 2.5% per day, according to Coingcko.

We will remind, in June on the option market there was an increased interest in protection against falling bitcoin to $ 100,000.

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