Bitcoin Bear Makes High-Stakes Options Wager on Drop to $110,000

A crypto investor just made a high-stakes wager that Bitcoin will fall at least 8% to below $110,000 by early August.

On Tuesday, the unidentified speculator paid about $5 million in premium on the Deribit exchange to buy Bitcoin put options expiring on Aug. 8 at the strike price of $110,000, according to prime broker FalconX, which facilitated the trade. There were two transactions - for 3,000 and 2,000 Bitcoin, respectively - making the full trade size roughly $600 million in notional value.