Deribit: An options trader bought 20,000 BTC bullish Vulture spreads, expecting BTC to trade between $106,000 and $112,000 by the end of the year.

According to Odaily Planet Daily, LinChen, Head of Business Development for Asia Pacific at Deribit, stated that an options trader bought 20,000 BTC in a long bullish Vulture spread, expecting BTC to reach a price between 106,000 and 112,000 by the end of the year.

Buy 100,000 worth of shares at the end of the year, expecting them to rise.

Sell at 106,000 by the end of the year, bullish outlook;

Sell at 112,000 by the end of the year, bullish outlook;

Buy at 118,000 by the end of the year, expecting the price to rise.

Odaily Note: Bull Condor Spread is an option combination strategy that uses four option contracts with four different strike prices. It is used when the underlying asset is expected to rise moderately but by a limited extent. Specifically, it involves buying the lowest and highest call prices and selling the two options at the middle prices.