Bitcoin at $200,000: A whale's incredible bet on BTC

A large Bitcoin investor has placed a $23.7 million bet on the cryptocurrency reaching $200,000 by the end of 2025. This complex options strategy is changing how the market sees Bitcoin, which is currently trading below $120,000.

This whale is effectively betting over $23 million that Bitcoin will hit $200,000.

In brief
The investor is wagering $23.7 million that Bitcoin will reach $200,000 before 2026. Bitcoin has seen a $130 million selloff as the price drops below $115,000, with key support levels between $113,500 and $110,500.

Options suggest a steady rise toward $180,000 to $200,000, supported by ETF activity.

Why a $23 million bet on Bitcoin at $200,000?

The strategy relies on a bull call spread, shown by Deribit Insights. The investor bought calls at $140,000 and sold calls at $200,000, both set to expire in December 2025. This setup lowers the initial cost and caps potential gains.

For the investment to be profitable, Bitcoin needs to go past $140,000. The maximum profit comes if prices hit or go above $200,000. This position, worth $23.7 million, is one of the biggest open interest bets in Bitcoin options today.

This shows clear confidence that Bitcoin will reach new highs or even go beyond. The position is carefully planned, not overly risky or based on speculation, which makes it more strategic.

Major Bitcoin Liquidations: Is a drop to $110,000 possible?

Since this bet was made, Bitcoin faced $130 million in long position liquidations. This happened after the price fell below $115,000. Traders saw strong support at this level, acting as a shield from bigger drops. Also, buy signals in this range encouraged more spot buying.

Order book data shows active buy zones between $113,500 and $110,530. These are the next key support levels if Bitcoin drops below $115,000. Analyst Daan Crypto Trades warns that breaking below this zone could hurt the bullish outlook.

However, if this support holds, Bitcoin could stabilize and slowly climb back up toward $130,000. This setup keeps the possibility alive for a rebound to higher levels.

What Bitcoin options say about the next bullish run

Looking at options expiring in December 2025, the large position between $140,000 and $200,000 suggests that big traders expect a slow and steady rise. They are betting on Bitcoin climbing back to a new high over time.

The chosen prices support a moderate bullish plan. It expects Bitcoin to break past $130,000 by late 2024 and reach $180,000 to $200,000 by mid-2025.