Loading image$68 million Bitcoin options bet on Derive targets $90,000 after US midterms

A Derive wallet bought 800 Nov. 6 calls at $90,000, the platform’s largest open Bitcoin position at about $68 million.

Mon 26 Oct 2026 · 07:58 EDT · 1 min read

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A trader on Derive placed a roughly $68 million options bet that Bitcoin will climb to $90,000 after the US midterm elections in early November, CoinDesk reported Monday.

The wallet bought 800 contracts of $90,000 calls expiring Nov. 6 on Oct. 20, Derive said, making it the largest open Bitcoin position on the platform.

The trader financed the purchase by selling 400 contracts of $100,000 calls expiring March 2027 and 400 contracts of $90,000 calls expiring Oct. 30, collecting about $940,000 net. Bitcoin traded around $80,000.

Broader market still pays up for downside protection

On Derive, the implied probability of Bitcoin exceeding $100,000 by Christmas rose to 12% from 9.7% a week earlier, while the chance of a drop below $70,000 fell to 11% from 15.6%.

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Front-end 25-delta skews on Deribit, the largest crypto options venue, remained negative for Bitcoin and Ether, meaning puts still traded at a premium to calls. Derive is the largest decentralized exchange by options notional volume and open interest, according to DefiLlama.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.