Whale Bets $5 Million on Bitcoins Plunge Below $110,000 by August

A crypto investor has placed a significant bet on the price of the leading cryptocurrency dropping below $110,000 by early August, projecting a decline of at least 8%. This information comes from [Bloomberg](https://www.bloomberg.com/news/articles/2025-07-24/bitcoin-bear-makes-high-stakes-options-wager-on-drop-to-110-000).

On July 23, a trader purchased put options with a strike price of $110,000 on Deribit, set to expire on August 8. According to prime broker FalconX, the premium for this contract amounted to approximately $5 million. The transaction occurred in two parts, involving 3,000 and 2,000 BTC. The total notional value of the option reached over $550 million.

«This is likely the largest one-sided block trade by notional dollar value in Deribit’s history,» stated Griffin Sears, head of derivatives at FalconX’s New York division.

He emphasized that the size, structure, and short-term nature of the deal reflect a «high level of institutional confidence.» He remarked that the execution of such a significant risk through a single position, rather than a complex combination, indicates a «clearly defined strategy.»

The agency noted, «Traders may also have utilized similar structured bets to hedge against short-term fluctuations or to capitalize on volatility.»

The crypto derivatives market remains in the early stages of development compared to traditional options markets. However, analysts pointed out that the size and structure of this deal indicate an increasing risk appetite among institutional investors.

«This transaction is notable not just for its volume […]. It demonstrates how far the crypto options market has advanced in terms of depth and its ability to manage flows of institutional scale,» commented Nicolas Cuatrovo, head of Paradigm for the EMEA region.

Currently, a substantial portion of the market’s trading activity involves derivatives such as futures, options, and perpetual swaps. The open interest on Deribit has surpassed [40 billion dollars](https://forklog.com/news/otkrytyj-interes-po-bitkoin-optsionam-na-deribit-prevysil-40-mlrd).

At the time of writing, the first cryptocurrency is trading around $115,740. Over the past 24 hours, the asset has decreased by 2.5%, as reported by [CoinGecko](https://www.coingecko.com/).

It’s worth noting that in June, the options market showed a clear trend of investors seeking to hedge against the risk of Bitcoin falling to $100,000.