Interesting events are happening in the options market. Recently, a trader on Bullish opened a straddle options position, buying over 1,000 Bitcoin contracts in one go, with the premium paid exceeding $2.36 million. The core logic of this move is quite clear—strong bullish outlook on volatility.

His expectation is that BTC will experience a significant move before the end of March. Specifically, the profit range is set very clearly: if BTC drops below $76,000 or rises above $123,000, this trade will be profitable. In other words, he's betting that Bitcoin will break out of its current equilibrium, aiming for large price swings.

The risk also needs to be carefully considered. If BTC oscillates within this range, neither hitting new highs nor dropping significantly, the final result will be that the entire premium is lost. This is the characteristic of a straddle strategy—profit from volatility; if volatility doesn't materialize, you lose. In the current market environment, whether the anticipated extreme market moves will occur is the key factor that determines success or failure.