A $68 million bitcoin bet is targeting a post-midterm election breakout to $90,000
Your day-ahead look for Oct. 26, 2026
Bitcoin's price remains stagnant around $80,000, mirroring its value from Saturday with minimal movement among major altcoins. However, options trading on Derive, a decentralized platform, has sparked interest. A trader placed a $68 million bet that Bitcoin's spot price would surpass $90,000 shortly after the U.S. midterm elections in early November.
This singular wager equates to around $68 million in face value, the most substantial Bitcoin position currently on Derive. The trader simultaneously sold contracts for $100,000 and $90,000 Bitcoin options expiring later, netting about $940,000. The odds on Derive have shifted favorably, with the probability of Bitcoin exceeding $100,000 by Christmas increasing to 12% from 9.7% and the likelihood of it dropping below $70,000 falling to 11% from 15.6%.
Despite its prominence, Derive remains a fraction of the scale compared to centralized derivatives exchange Deribit, which handles daily volumes and open interest worth billions.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
