According to Odaily, LinChen, Deribit's Asia-Pacific Business Head, reported that an options trader has purchased a bullish condor spread involving 20,000 BTC. The trader expects Bitcoin to be within the range of $106,000 to $112,000 by the end of the year.

The strategy includes buying a call option at $100,000, selling call options at $106,000 and $112,000, and buying another call option at $118,000 for the year-end. The bullish condor spread is an options strategy that uses four contracts with different strike prices, anticipating a moderate increase in the underlying asset's price, but with limited upside potential. The approach involves buying options at the lowest and highest strike prices and selling options at the two middle strike prices.