According to a post by the head of APAC business at Deribit, the largest BTC block option trade today involved a user selling a $70,000 put option for the end of January next year and buying a $60,000 put option, totaling 250 BTC, with a premium income of $1.043 million. The user indicated a long-term bullish outlook on BTC, stating that if the Bitcoin price is above $66,000 at settlement, they will profit, with an annualized return of about 46%. If the Bitcoin price falls below $70,000 at the end of January next year, the user is willing to buy at that price while also purchasing a $60,000 put option to hedge against extreme risks. #BTC