On Monday, a Block Trading trader bet that the price of Bitcoin would continue to rebound until the end of the year, expecting the price to break the 100,000 USD mark again, but not reach a new all-time high. This is a massive "bullish vulture" Options strategy with a notional value of 20,000 Bitcoins (1.76 billion USD), betting that the price of Bitcoin will continue to rise above 100,000 USD before the end of the year.
Bitcoin, as the highest market capitalization cryptocurrency, has rebounded from last week's low of nearly $80,000 to about $88,000. Although this rebound is mainly driven by market expectations of a 25 basis point rate cut by the Federal Reserve in December, institutional buying has not yet returned for spot ETFs. According to SoSoValue, on Monday, 11 spot ETFs recorded a net outflow of $151 million.