🚨 Derive Protocol Crosses $100M in Value Locked as #Bitcoin Whales Make Waves in Options Trading

CoinDesk reports a surge in demand for cryptocurrency derivatives, particularly on the decentralized finance (DeFi) platform Derive, which has seen its total value locked (TVL) exceed $100 million. This growth aligns with record trading volumes and active traders, with Derive also reaching an all-time high in notional volume of $369 million and 5,416 monthly active trades. The platform offers a range of products, including options, perpetuals, and margin trading.

In the options market, a notable whale implemented a covered call strategy, selling BTC call options and collecting over $1.6 million in premiums. This strategy allows the whale to profit if Bitcoin remains below $105,000 by March, while protecting against losses if prices exceed $130,000.

Additionally, traders are engaging in DeFi carry trades using sUSDe, a reward-bearing token, as collateral to borrow USDC at lower rates, benefiting from the spread between sUSDe's high yield and borrowing costs. This highlights the growing complexity and attractiveness of options and structured products in the crypto market.