Whale invests $2.36 million, betting on major BTC volatility with options by the end of March

【Block Rhythm】An interesting phenomenon. According to on-chain data tracking, recently a trader spent a huge amount on Deribit, buying 660 BTC call options and put options, with a total premium of $2.36 million. Both contracts are set to expire on March 27.

Just by looking at the numbers, you can sense that this trader has a view on the market by the end of March — buying a call with a strike price of $120,000 (about $860,000) and a put with a strike price of $80,000 (about $150 million). This combination is called a pure volatility strategy. In plain language: he bets that BTC will have a big move by the end of March, making money whether it goes up or down, regardless of the direction.

Of course, risks are also present. If, at expiration, BTC’s price stays quietly within the $80,000 to $120,000 range, fluctuating slightly or sideways, this trader will face the maximum loss — losing the entire $2.36 million premium. This volatility betting approach essentially uses large sums of money to express confidence in market turbulence.