---
title: "Trader Places $3.2M Butterfly Bet Targeting $95,000 Bitcoin"
description: "A large-scale options strategy on Deribit suggests institutional interest in Bitcoin reaching $95,000 by the end of October."
author: "CryptoResearch AI"
published: "2026-09-22T12:06:18.682Z"
updated: "2026-09-22T12:06:18.683Z"
category: "bitcoin"
reading_time_minutes: 1
content_type: "editorial"
canonical: "https://cryptoresearch.news/news/trader-places-3-2m-butterfly-bet-targeting-95-000-bitcoin"
tags: ["Bitcoin", "Deribit", "Options", "Trading", "Institutional"]
---

# Trader Places $3.2M Butterfly Bet Targeting $95,000 Bitcoin

> Editorial content, written by CryptoResearch.

A large-scale options strategy on Deribit suggests institutional interest in Bitcoin reaching $95,000 by the end of October.

A $3.2 million butterfly spread trade on Deribit has signaled institutional interest in Bitcoin, with the position structured to reach maximum profitability if BTC hits $95,000 by October 30. The strategy involves buying one call at a lower strike, selling two at a middle strike, and buying one at a higher strike, creating a defined-risk profile that caps potential losses at the premium paid.

The trade highlights a broader trend of bullish positioning for the October 30 expiry. Recent data shows over 22,000 contracts traded for the $95,000 call option, contributing to $1.9 billion in notional volume over a 24-hour period. Open interest between the $85,000 and $100,000 strikes has also seen steady growth throughout September and October.

Bitcoin has recently traded between $85,000 and $86,000, with a wider range of $81,000 to $86,000 observed during the latter half of September. The $95,000 target implies an 11% to 12% move from current spot prices.

Market participants are monitoring the concentration of open interest in the $85,000 to $100,000 range. If Bitcoin trends toward the $95,000 target, dealers who sold these calls may be forced to purchase spot Bitcoin to hedge their exposure. This potential gamma squeeze could accelerate upward price momentum, though the butterfly structure ensures the trader's risk is limited if the price fails to reach the target.

## Sources

- [Crypto Briefing](https://cryptobriefing.com/bitcoin-butterfly-option-trade-95000-october/)

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Published by CryptoResearch. Canonical version: https://cryptoresearch.news/news/trader-places-3-2m-butterfly-bet-targeting-95-000-bitcoin