Traders expect Bitcoin to rise after the midterm elections: Derive's largest Bitcoin position bets on Bitcoin breaking 90,000 in November

On the decentralized options platform Derive, a wallet purchased 800 Bitcoin call options with a strike price of $90,000 expiring on November 6, on October 20, with a nominal value of approximately $68 million, and netted about $940,000 by selling call options expiring in March and October 2027.

Derive stated that this is the platform's largest open position in Bitcoin; the market's implied probability of Bitcoin breaking $100,000 before Christmas rose from 9.7% to 12%, indicating that some traders are betting on a rise in Bitcoin after the U.S. midterm elections.