COINDESK · 2026-10-26 11:53 UTC

A $68 million bitcoin bet is targeting a post-midterm election breakout to $90,000

A trader placed a $68 million bet on Bitcoin reaching above $90,000 by November 6, buying 800 call option contracts on Derive platform expiring post-midterm elections. Market-implied probability of Bitcoin exceeding $100,000 by Christmas increased from 9.7% to 12% over the past week, while probability of falling below $70,000 decreased from 15.6% to 11%. Bitcoin is currently trading around $80,000 with most major cryptocurrencies showing little price movement; Deribit's options market shows negative skew indicating preference for downside protection.

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