Posted 2/20/2024, 12:56:00 PM
Trader Bets $20 Million That Bitcoin Will Fall to $47,000 By March
- Trader placed a $20M "butterfly" options bet to hedge against bitcoin dropping to $47K by March end
- Strategy involves buying puts at $50K and $43K strikes, while selling puts at $47K strike
- Aims to profit if bitcoin falls to $47K, with max payout at that price on March 29 expiry
- Traders betting bitcoin will fall slightly before March 29, adding to short positions
- Likely traders holding spot bitcoin and buying puts to hedge downward price risk