According to BlockBeats, on June 21, a user paid $3.617 million to sell 65,000 bullish options for Bitcoin (BTC) at the end of June, while simultaneously buying 100,000 bullish options for the end of March next year, totaling 250 BTC.
The official explained that this type of operation is a common strategy recently, being bearish in the short term and bullish in the long term. The user uses the premium obtained from selling options to lower the cost of buying long-term options, making some hedges to reduce risk.