Two major cryptocurrency investors are facing potential losses totaling $8.2 million due to unhedged Bitcoin call options. The first investor purchased 3,000 BTC call options with a $100,000 strike price, expiring on January 30, 2026, for $2.86 million in premiums. The second investor acquired 1,300 BTC call options with the same strike price and expiration date, along with 2,400 BTC call options at a $98,000 strike price, expiring on January 30, 2026, for a total of $10.22 million in premiums. As the first monthly settlement day post-annual settlement approaches, these investors risk losing their premiums if positions remain open.