Some $350 million notional value of November call options traded on CME with a breakeven bitcoin price of nearly $80,000, anticipating a rally next month, one analyst noted.
One market observer noted "very concentrated call buying" looking to profit from a rally to between $74,000 and $80,000 by the end of this month.
Before starting Arbelos Markets last year, Tang served as chief investment officer at quantitative digital asset investment firm LedgerPrime while Lim was head of trading strategy at Galaxy and head of derivatives at now-defunct crypto lender Genesis.