CryptoBriefing reported that a $3.2 million BTC butterfly spread trade, designed to profit if Bitcoin reaches around $95,000 by October 30 (local time), has occurred. A butterfly spread trade is a strategy primarily used by traders when the market direction is unclear and volatility is expected to decrease. This position maximizes profit at $95,000, and if the price deviates significantly from the target level, the loss is limited to the premium paid, which is $3.2 million. More than 22,000 contracts of the October 30 expiry $95,000 call option were traded in the last 24 hours, with a notional trading volume of approximately $1.9 billion. Call option trading volume and open interest were also observed to be increasing in the $85,000-$100,000 range.
