Recently, the Bitcoin market has been quite interesting. A major trader on a leading options platform made a big move—buying options contracts for 660 BTC at once, totaling $2.36 million. Both call and put options were involved, making this operation quite eye-catching.

The numbers speak volumes. He spent $860,000 to buy deep in-the-money call options at a $120,000 strike price, then turned around and invested $1.5 million in put options at an $80,000 strike price. This isn't a bet on direction; it's a bet on volatility—traders clearly anticipate significant fluctuations in BTC before March 27.

Where does this trader's confidence come from based on the price expectations? One possibility is that he targets a high point of $28,000 when bullish, leaving a $12,000 buffer for a potential dip. This price range is quite broad, indicating considerable uncertainty in the market.

Interestingly, such whale operations often serve as market indicators. Options trading reflects traders' deep thoughts on volatility, and large positions often signal potential market turning points. The future trend of BTC remains worth watching closely.