Someone just put $3.2 million on the table betting Bitcoin lands near $95,000 by October 30. Not a wild moonshot punt, not a leveraged long that could blow up on a Tuesday afternoon. A butterfly spread, one of the more surgically precise strategies in the options playbook, designed to pay off handsomely at one very specific price point.

The trade was executed on Deribit, the dominant venue for crypto options, and it reflects a level of sophistication that screams institutional money rather than a retail trader chasing momentum on their phone.

A butterfly spread involves three strike prices. The trader buys one call at a lower strike, sells two calls at a middle strike, and buys one more call at a higher strike. Think of it like a tent:…