Discovered a large Option position expiring on a very special upcoming date...

- Compared to other positions that are often analyzed, this Whale is somewhat more modest with an order value of only $25m.

- However, the surprising thing is the expiration date of this position, which is next April 2, right when the Halving takes place.

- This position is profitable when:

+ $BTC is in the range of 70k4 - 77k5

+ $BTC outside this range will result in a loss and the loss will not increase further

+ The peak profit will be right at the $74k mark

- With the above perspective, we can see that this Whale is quite cautious as the loss will not increase even if the market collapses before Halving, in addition to the expectation that the price will not decrease but increase around the time of Halving.