Core Insights - An institutional trader executed a significant options position of 20,000 BTC valued at $1.74 billion on Deribit, marking one of the largest single options trades of the year [1] - The trade employs a call condor structure, which profits if Bitcoin remains within a specific price range of $100,000 to $118,000, with maximum profit occurring between $106,000 and $112,000 at expiry [2] Market Impact - The whale's four strike prices dominate the December 26 expiry structure, with the $100,000 strike leading in open interest at 15,517 BTC, followed by $112,000 (14,062 BTC), $106,000 (13,090 BTC), and $118,000 (13,066 BTC), totaling over 55,000 BTC in open interest [3] - Current market sentiment favors calls over puts, with Bitcoin options showing 63% call dominance, comprising 375,267 BTC in calls versus 218,000 BTC in puts [4] Trade Dynamics - The trade requires Bitcoin to rally approximately 15% from its current level of around $87,000 to reach the lower profit zone of $100,000 by expiry [5] - The position has just over one month to play out, indicating a concentrated bet on near-term price action as the year-end approaches [6]