Some traders placed a big bet on the derivatives platform — investing $2.36 million in a classic "long straddle" hedge.

Specifically, this guy bought 660 BTC call options (strike price $120,000, cost about $860,000) and 660 BTC put options (strike price $80,000, cost about $1.5 million), both set to settle on March 27.

This is a bet that there will be a big market move by the end of March. If the price rises to $28,000, profits start to accumulate; if it drops to $12,000, gains are also possible. In simple terms, regardless of whether the market goes up or down, as long as the volatility is enough, you can profit. This "long straddle" strategy is quite effective during periods of high volatility, though it requires a higher initial cost.