A $3.17 million bitcoin long call butterfly bets on a settlement near $95,000 by Oct. 30
Via OTC desk Paradigm, an options trader paid $3.17 million for a bitcoin long call butterfly that pays off most if bitcoin settles near $95,000 on Oct. 30.
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Why it matters
The butterfly is a single large directional position, so its market significance is limited to what one trader expects around the Oct. 30 expiry. GameStop's covered calls, if still open, would cap roughly $31.3 million of additional upside on 2,000 BTC at the $70,000 strike. Neither report confirms the positions still stand today.
Key facts
A trader bought a bitcoin long call butterfly through OTC desk Paradigm, buying Oct. 30 calls at $90,000 and $100,000 while selling twice as many $95,000 calls.
3,170,000 USDReported by CoinDesk
The position required a net initial payment of $3.17 million, and the trader loses that amount if bitcoin settles outside $90,000-$100,000 at expiry.
3,170,000 USDReported by CoinDesk
The strategy makes the most money if bitcoin settles near $95,000 at the Oct. 30 expiry, with positive gross payoff between $90,000 and $100,000.
95,000 USDReported by CoinDesk
CoinDesk noted bitcoin's daily chart shows little obvious resistance between $85,000 and $98,000, with no price levels in that zone where bitcoin previously stalled or consolidated.
Reported by CoinDesk
CryptoSlate reported that GameStop's Sept. 9 filing showed covered-call contracts tied to roughly 2,000 BTC were outstanding as of Aug. 1, with maturities extending through Sept. 25.
2,000 BTCReported by CryptoSlate
GameStop has not disclosed whether the covered calls remain open today or have been closed or rolled.
Reported by CryptoSlate
What happened
An options trader bought a bitcoin long call butterfly through OTC desk Paradigm, paying a net $3.17 million. The trade bought Oct. 30 expiry calls at $90,000 and $100,000 while selling twice as many $95,000 calls, in five blocks, with position data from Laevitas. It profits most if bitcoin settles near $95,000 at expiry, and the trader loses the full premium if the settlement lands outside $90,000 to $100,000. CoinDesk reported the butterfly as one sign of rising bullish positioning and said traders also pushed short-term risk reversals higher. The other evidence item, from CryptoSlate, concerns a different position: GameStop's covered calls on roughly 2,000 BTC at a $70,000 strike, which the company disclosed in a Sept. 9 filing. CryptoSlate reported that with bitcoin near $85,662 on Sept. 22 the calls would cap roughly $31.3 million of upside if still open, and GameStop has not disclosed whether it still holds them.
How the story developed
- First report
First report by CoinDesk
A $3.2 million 'bitcoin butterfly' option trade bets on $95,000 by the end of October
- Update
CoinDesk reports the $3.17 million butterfly trade
First report of the position, with order data attributed to Paradigm and Laevitas.
- Independent corroboration
Independently corroborated by CryptoSlate
GameStop may have surrendered $31 million of Bitcoin upside with one options trade
- Update
CryptoSlate reports GameStop covered-call exposure
Covers a separate position: covered calls on roughly 2,000 BTC at a $70,000 strike, disclosed in a Sept. 9 filing.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 22 Sept 2026, 11:35 UTC: CoinDesk — 1 independent source, 1 reports
- 22 Sept 2026, 13:40 UTC: CryptoSlate — 2 independent sources, 2 reports
Affected entities
Also mentioned: Binance, Solana, USD Coin, Circle, Elon Musk, Ethereum
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| CoinDesk Crypto media | A $3.2 million 'bitcoin butterfly' option trade bets on $95,000 by the end of October | Original | |
| CryptoSlate Crypto media | GameStop may have surrendered $31 million of Bitcoin upside with one options trade | Independent |
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