Trader Deploys $3.17 Million Bitcoin Butterfly Options Spread Targeting $95,000 by Late October

A cryptocurrency options trader has deployed a $3.17 million net premium into a long call butterfly spread targeting a Bitcoin settlement of $95,000 by October 30. The trade was executed across five blocks via liquidity network Paradigm with Bitcoin trading around $85,000 to $86,000 after reclaiming its 50-, 100-, and 200-day moving averages. The multi-leg structure buys $90,000 and $100,000 calls while selling twice as many $95,000 calls. Peak profitability requires Bitcoin to settle at $95,000, while settling below $90,000 or above $100,000 wipes out the entire $3.17 million premium.