Derive said a trader opened a bitcoin options position with about $68 million in face value targeting a price above $90,000 just after the US midterm elections in early November. The wallet bought 800 call contracts with a $90,000 strike price and a November 6 expiration. The wallet financed the purchase by selling other calls, receiving about $940,000 net. Derive's implied probability of bitcoin exceeding $100,000 by Christmas increased from 9.7% a week earlier to 12%. However, short-dated options on Deribit indicate a preference for protection against price declines.