Will there be a major market fluctuation at the end of March? A trader has heavily invested $2.36 million in Deribit to position in BTC options with the "Heaven and Earth Strategy," laying out a very large setup.

Specifically: buying 660 BTC $12,000 call options (costing about $860,000), simultaneously buying 660 BTC $8,000 put options (costing about $1.5 million), with both contracts expiring on March 27.

This setup is very clear—upside potential offers a profit of up to $28,000, and downside potential up to $12,000. No matter which way BTC moves, as long as the volatility is large enough, profits can be made. Using large sums of money to play in the options market like this indicates that the trader has anticipated significant recent market volatility.