Bitcoin Whale Bets $23.7M on $200K BTC Target
A Bitcoin whale has placed a bold $23.7M bull call spread bet that BTC will hit $200K by December 2025.

- Whale places $23.7M bullish options bet on BTC.
- Strategy involves $140K and $200K call options on Deribit.
- Bet shows growing confidence in Bitcoin’s long-term surge.
A mysterious Bitcoin whale has shaken the crypto world with a bold options trade worth $23.7 million. The bet, placed on Deribit, shows massive confidence that Bitcoin could reach an eye-watering $200,000 by December 2025.
This move isn’t just a simple long bet. The whale used a strategy called a bull call spread, which limits risk while still profiting from a significant price rise. In this case, they bought Bitcoin call options with a strike price of $140,000 and sold call options with a $200,000 strike.
Understanding the Bull Call Spread Strategy
The bull call spread is a common strategy among seasoned traders. It involves buying a lower strike call (in this case, $140K) and selling a higher strike call (here, $200K). The trader profits if the price rises but stays below the higher strike, which in this case is the $200K mark.
For this whale, if Bitcoin ends up above $140K but below $200K by expiry, they’ll walk away with a significant gain—up to a maximum profit of around $60K per Bitcoin. The most they could lose is the net premium paid for this options spread, which is where the $23.7M cost comes in.
What This Means for the Market
Such a large bet by a high-net-worth individual or institution suggests growing optimism about Bitcoin’s trajectory. Despite market volatility, whales are often seen as indicators of smart money movement. A target of $200K by the end of the year might seem aggressive, but bold bets like these often spark discussion—and sometimes FOMO—among retail investors.
This could also indicate that large players are positioning for a major upside, possibly anticipating strong ETF inflows, favorable macroeconomic shifts, or other bullish catalysts in the coming months.
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