Deep Tide TechFlow News, on October 29, Lin Chen, Head of Deribit APAC Business, posted on platform X stating that today’s largest BTC bulk options trade 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, earning a premium of $1.043 million.

He mentioned that this user has a long-term bullish outlook on BTC, and if the Bitcoin price is above $66,000 at the time of delivery, they will make a profit, with an annualized return of about 46%. If the Bitcoin price falls below $70,000 by the end of January next year, this user is willing to buy at that price while also purchasing a $60,000 put option to hedge against extreme risk.