Bitcoin Whale Plunges $2B into Market Reversal – Are You Missing Out on This Shocking Move?

A high-conviction Bitcoin whale recently made waves in the crypto market by placing a staggering $2 billion wager. This significant investment suggests that the worst may be over for Bitcoin, particularly following a brutal leverage washout that stripped away speculative excess from the market.

On November 24, Deribit, the Coinbase-owned crypto options trading platform, reported a notable 20,000 BTC notional block trade. This trade appears to signal a shift in institutional capital from damage control to strategic accumulation. According to Deribit, the trader engaged in a long-dated 100k/106k/112k/118k call condor for December 2025, indicating a structured bullish view that anticipates Bitcoin reaching a price range of $100,000 to $118,000, without exceeding that zone.

Understanding the Trade Dynamics

This strategic positioning effectively bets that the recent liquidation cascade marked a cycle-defining bottom, clearing the runway for Bitcoin's ascent toward six figures. The trade structure reflects a careful plan: by purchasing call options at $100,000 and $118,000 while simultaneously selling calls at $106,000 and $112,000, the investor aims to target a specific profit corridor. The implication here is that Bitcoin could recover significantly and settle into a high valuation band, but without the chaotic volatility that characterized its recent downturn.

Interestingly, this positioning emerges at a critical moment. While retail investors have shown hesitance, the derivatives market indicates that the structural damage incurred during the recent downturn has been repaired. The trade suggests that Bitcoin's recent plunge from $27,000 was a necessary cleansing event, resetting the market for the next cycle.

To grasp the conviction behind this $1.7 billion bet, one must consider the scale of the wreckage left in the market's wake. The crypto market has just undergone its most severe contraction in open interest, with approximately 1.3 million BTC being liquidated over the past 30 days, primarily on Binance. This sharp decline marks the end of the speculative fervor that previously drove open interest to record highs.

This level of capitulation mirrors what was observed during the depths of the 2022 bear market. As a result, Bitcoin's recent drop from $106,000 to around $79,500 was largely driven by mechanical liquidation cascades, rather than fundamental decay. In many cases, traders holding long positions were violently swept from the market, transforming a healthy correction into a crash. Historical patterns show that these “cleansing phases” are often bullish indicators, as they eliminate overly optimistic positions and expunge weak hands, thereby building a more stable market floor. The reduction in speculative exposure suggests that selling pressure from distressed leverage has now eased.

In the wake of these dynamics, on-chain data highlights a significant shift in ownership that supports the idea of a market bottoming out. The market is transitioning from aggressive selling to a more orderly unwind. Key stress metrics, such as transfer volumes and realized capitalization, have subsided—indicative of late-cycle corrections. Notably, while retail investors holding less than 10 BTC have sold off over the last 60 days, mid-sized “sharks” and institutions have begun to accumulate. Data from CryptoQuant shows that Bitcoin cohorts holding between 100 to 1,000 BTC, as well as those with over 10,000 BTC, have been steadily enriching their positions throughout this dip, absorbing supply from anxious retail investors.

However, a critical challenge remains from the 1,000 to 10,000 BTC cohort, which continues to distribute. For a confirmed recovery to take place, this group must slow its selling activities. Thus, the $1.7 billion options bet serves as an early signal that “smart money” believes this shift is imminent.

On a macroeconomic level, the timing of the whale's trade anticipates a favorable shift in conditions. The upcoming week is packed with significant economic data releases, including U.S. Producer Price Index (PPI) and Personal Consumption Expenditures (PCE) figures, which will likely influence expectations for the Federal Reserve's December policy meeting. With markets currently pricing in an 81% probability of a rate cut, dovish data could provide immediate liquidity support for risk assets like Bitcoin.

Nic Puckrin, co-founder of Coin Bureau, remarked that the increased likelihood of a rate cut played a role in Bitcoin's recent rise above $87,000. He suggested that further upside could be seen in the short term if market sentiment holds, although he cautioned that this optimism remains “tenuous” due to divisions within the Federal Open Market Committee (FOMC) and the lack of confirming data. Puckrin emphasized that the Fed's next decision could determine whether the year-end brings a "Santa rally" or a "Santa dump," with market jitters likely persisting until the December 10 meeting.

In this context, the structured call condor trade acts as a strategic vehicle. The sheer size of the position will generate substantial dealer hedging flows. As Bitcoin's price nears the $100,000 activation zone, dealers who sold the structure will be compelled to hedge their exposure, creating a magnetic pull toward the anticipated profit band.