On November 25, Deribit facilitated three large options trades via Paradigm, totaling a notional size of 20,000 BTC, approximately $2 billion. The trades involved the purchase of a bullish Condor spread with strike prices at $100k, $106k, $112k, and $118k, set to expire in December 2025. This structured long position signals a bullish outlook on Bitcoin, targeting a price range between $100,000 and $118,000, rather than anticipating a dramatic price surge.