According to @ai_9684xtpa, a trader bought 660 BTC 120,000 strike call options on Deribit for about 0.86 million USD and 660 BTC 80,000 strike put options for about 1.5 million USD, both expiring on March 27, 2026, for a total outlay near 2.36 million USD, and the author noted these strikes were roughly 28,000 above and 12,000 below spot at the time. Source: @ai_9684xtpa on X, Jan 7, 2026. This positioning is a classic long strangle that aims to profit from a large move in either direction and typically benefits from rising implied volatility. Source: Investopedia long strangle strategy. The concentration at 120,000 and 80,000 sets clear reference levels to watch for potential gamma hedging flows and volatility clustering into expiry. Source: Cboe Options Education on gamma and dealer hedging dynamics. The author added that options whales have become more active recently, which can lift short term implied volatility and impact order book depth around key strikes. Source: @ai_9684xtpa on X, Jan 7, 2026. Traders should note that if BTC stays between the two strikes into March 27, time decay erodes long option value and returns can suffer if realized volatility lags implied volatility. Source: Deribit Insights on theta decay and strangle outcomes.