Key Takeaways
A hefty options play could see a trader make more than $20 million if Bitcoin falls to $47,000 by the end of March.
A substantial transaction , known as a block trade, was executed off the public market for over $20 million, according to Greeks.Live. These are typically associated with institutional investors, due to their large size and execution outside of standard market venues.
The deal will maximize profits if Bitcoin’s price hits $47,000 by the expiry date. This means there is an expectation for a price dip in the coming weeks, but not below the $47,000 mark.
The trade structure aims for a peak profit at a specific mid-range price with limited losses at either extreme. The chart resembles the shape of a butterfly, earning it the moniker “butterfly bet.”