A certain options trader spent $1.76 billion betting that Bitcoin would break $100,000 before the end of the year, but does not expect it to reach a new high

According to a report by Coindesk, on Monday a trader opened a "bullish eagle" option on Deribit with a notional value of 20,000 bitcoins (1.76 billion USD), establishing a net position that allows them to profit if the price of bitcoin closes between 106,000 and 112,000 USD by the end of the year. This means the trader expects bitcoin's price to continue rebounding before the end of the year, breaking through the 100,000 USD mark but not reaching a new high.

The report states that bitcoin has rebounded from a low of nearly 80,000 USD last week to about 88,000 USD. Although this rebound is mainly driven by the market's renewed expectations of a 25 basis point rate cut by the Federal Reserve in December, there has not yet been a resurgence of institutional buying in spot ETFs. According to SoSoValue data, on Monday, 11 spot ETFs recorded a net outflow of 151 million USD.