BTC Options Whale's Unrealized Profit of $2.46 Million: A $1 Million Gamble

【BlockBeats】An interesting on-chain piece of information worth paying attention to. A whale’s activity in the Deribit options market has caught the attention of many analysts—this large holder previously paid a premium of $2.86 million to buy 3,000 BTC call options expiring on January 30, targeting the $100,000 mark.

As of January 5th, the unrealized profit has reached $2.463 million, with a pretty good return. However, the logic behind this trade is quite straightforward and brutal: as long as BTC does not break through $100,953.67 before expiration, this whale will have to absorb the entire $2.86 million loss. Conversely, as long as the price moves upward, he can choose to take profits at any time. This all-in style of betting not only reflects the whale’s firm view that BTC will rise but also exposes the high-risk nature of options trading—winning is exciting, but losing means everything is wiped out.