A large Bitcoin (BTC) options trade was executed on Deribit on Wednesday, suggesting a sharp rise in volatility through November.

- The trade involved the purchase of 100 contracts of $66,000 call and put options expiring on November 29.

- For the strategy to be profitable, the BTC price must rise above $87,000 or fall below $53,000.

- The premium paid was over $1 million.

- Increased options activity is expected due to the US elections.