A high-conviction Bitcoin whale placed a $2 billion wager that the worst is over and the market bottom might be in after a brutal leverage washout stripped speculative froth from the crypto market.
On Nov. 24, Deribit, the Coinbase-owned crypto options trading platform, reported a 20,000 BTC notional block trade, which appears to signal that institutional capital is pivoting from damage control to strategic accumulation.
According to the platform:
“[The] trader lifted a long-dated 100k/106k/112k/118k call condor for Dec ’25. Signal is clear: a structured bullish view – expecting BTC to reach the 100–118k zone, not explode past it.”
What does this trade signal?
This position effectively bets that the recent liquidation cascade marked a cycle-defining bottom that has cleared the runway for a march toward six figures.
Indeed, the trade structure is precise. By buying call options at $100,000 and $118,000 while selling calls at $106,000 and $112,000, the investor is targeting a specific profit corridor.
It represents a bet that the BTC will recover and settle into a high valuation band, but without the chaotic volatility that characterized the recent crash.
Meanwhile, this positioning arrives at a critical juncture. While retail investors remain hesitant, the derivatives market is signaling that the structural damage has been repaired.
So, the trade implies that the recent $27,000 plunge from the highs was a necessary cleansing event, resetting the board for the next leg of the cycle.
The 1.3 Million BTC flush
To understand the conviction behind the $1.7 billion bet, one must look at the scale of the wreckage left behind. The market has just endured its sharpest contraction in open interest of the entire cycle.
According to data from CryptoQuant, open interest in Bitcoin terms has plummeted by roughly 1.3 million BTC over the last 30 days. The vast majority of this unwind occurred on Binance, marking a decisive end to the speculative fever that had earlier driven aggregate open interest to record highs.
This scale of capitulation mirrors the depths of the 2022 bear market. As a result, BTC’s recent drop from $106,000 to roughly $79,500 was primarily driven by mechanical liquidation cascades rather than fundamental decay.
This means that traders holding long positions were swept from the board in a violent feedback loop, turning a healthy correction into a crash.
However, historical patterns suggest these “cleansing phases” are often bullish signals.
By forcing the closure of overly optimistic positions and flushing out weak hands, the market builds a more stable floor. The reduction in speculative exposure implies that selling pressure from distressed leverage is now exhausted.
Whales accumulate, retail flees
Meanwhile, beneath the surface of the derivatives flush, on-chain data reveals a distinct shift in ownership that supports the bottoming thesis.
The market is transitioning from aggressive selling to an orderly unwind. Key stress metrics such as transfer volumes and realized capitalization change have subsided, a hallmark of late-cycle corrections.
More importantly, a clear divergence has emerged between investor cohorts. While retail investors (holding less than 10 BTC) have been net sellers over the last 60 days, mid-sized “sharks” and institutions are stepping in.
CryptoQuant data shows that BTC cohorts holding between 100 and 1,000 BTC, as well as those holding more than 10,000 BTC, have been steadily accumulating throughout the dip. These sophisticated players are absorbing the supply being distributed by fearful retail hands.
However, the one remaining headwind is the 1,000 to 10,000 BTC cohort, which continues to distribute.
So, for the recovery to transition into a confirmed reversal, this group must slow its selling. As such, the $1.7 billion options bet is an early indicator that the “smart money” believes this shift is imminent.
Macro pivot points
At the same time, the whale’s trade timing anticipates a favorable shift in the macro environment. The week ahead is loaded with heavy economic data releases, including US PPI and PCE figures, which will anchor expectations for the Federal Reserve’s December policy meeting.
With markets pricing in an 81% probability of a rate cut, a dovish data skew would provide immediate liquidity support for risk assets.
Coin Bureau co-founder Nic Puckrin told CryptoSlate that the increased odds of a rate cut had helped push Bitcoin’s recent upward trend above $87,000.
“We could see further upside in the short term if sentiment holds, especially with longs underweighted,” he said, while cautioning that optimism is “tenuous” with the FOMC divided and no confirming data yet.
Puckrin added that the Fed’s next decision could decide whether year-end brings a “Santa rally” or a “Santa dump,” and he expects jitters to persist into the Dec. 10 meeting.
In this context, the Call Condor acts as a strategic vehicle. The sheer size of the position creates massive dealer hedging flows. As prices move toward the $100,000 activation zone, dealers who sold the structure will be forced to hedge their exposure, creating a magnetic pull toward the profit band.
