An institution has executed a $25 million multi-legged options strategy on Derive's onchain market, anticipating significant movement in Bitcoin prices following the U.S. election on November 5. This trade, the largest onchain options transaction linked to the election, involves acquiring 100 call option contracts with a $70,000 strike price while simultaneously writing 200 contracts at an $80,000 strike and 100 contracts at a $50,000 put, all expiring on November 29. The strategy is designed to yield maximum profit if Bitcoin reaches $80,000 by the end of November. Nick Forster, co-founder of Derive, highlighted the unique structure of the trade, which incorporates sold puts, bought calls, and eBTC collateral, potentially allowing the institution to gain over $1 million if the price target is met. Derive currently dominates the onchain options landscape, holding 32% of the total decentralized exchange options volume, although it remains dwarfed by volume on centralized platforms.

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