An unknown person purchased call options on $BTC for $1.2 billion, paying a premium of $50 million.

This grants the right to buy an asset at a set price within a certain time period.

The options in this deal were:

BTC at a price of $120k — July 25, 2025 — 1000 BTC

BTC at a price of $118k — July 25, 2025 — 750 BTC

BTC at a price of $115k — July 25, 2025 — 1000 BTC

BTC at a price of $112k — July 25, 2025 — 1000 BTC

BTC at a price of $115k — September 26, 2025 — 3800 BTC

BTC at a price of $140k — September 26, 2025 — 3800 BTC

Are we waiting for $120k for BTC by the end of July and $140k for BTC by the end of September? Hopefully, this isn't James Winn who, after several consecutive public liquidations on futures, decided to try options.