Two whales who bought Bitcoin call options may lose $8.2 million in premiums if they do not close their positions early

According to on-chain analyst Ai Yi, a whale previously purchased 3,000 call options on Deribit expiring on January 30, 2026, with a strike price of $100,000, paying a total premium of $2.86 million. Another whale bought 1,300 call options expiring on February 27, 2026, with a strike price of $100,000 (premium: $4.878 million), as well as 2,400 call options expiring on January 30, 2026, with a strike price of $98,000 (premium: $5.35 million), accumulating a total premium payment of $10.22 million. Today at 4 PM is the first monthly settlement day following the annual settlement. If these two large holders do not close their positions early, they will lose $8.2 million in premiums.