A trader has placed a significant bet on Bitcoin's price volatility by purchasing options on the Deribit exchange. The trader acquired 660 call options for Bitcoin at a strike price of $120,000, costing approximately $860,000, and 660 put options at a strike price of $80,000, costing around $1.5 million. Both options are set to expire on March 27, 2026. This strategy, known as a 'strangle', suggests the trader anticipates substantial price movements in either direction. The activity highlights increased engagement from large players in the options market.