Bitcoin has climbed above the $87,000 level in recent days, and a notable options market transaction suggests at least one large investor is positioning for further upside toward $95,000 by the end of October. According to Coindesk, citing Laevitas data, an options trade executed in five separate blocks via Paradigm involved a total initial cost of approximately $3.17 million.
The trade used a long call butterfly strategy on Bitcoin options expiring on October 30. Call options were purchased at strike prices of $90,000 and $100,000, while call options at $95,000 were sold in double the quantity. The structure produces the highest return if Bitcoin is near $95,000 at expiry. If BTC remains between $90,000 and $100,000, the position can generate a gross positive return, but outside that range the return could drop to zero and the investor risks losing the entire premium.
Laser Digital analysts told Coindesk that bullish call option interest has increased following the recent rally, with short-term risk shifts also favoring call options. However, they noted that the transaction does not guarantee Bitcoin will reach $95,000.
Meanwhile, U.S. spot Bitcoin ETFs have strengthened the bullish case. ETFs recorded roughly $999 million in one-day inflows, while total inflows over three sessions reached about $1.59 billion. August was already the strongest month for Bitcoin ETFs in 2026, with approximately $3.52 billion in net inflows.
Analysts continue to flag $88,000–$90,000 as a key resistance zone. A clean break above $90,000 on strong volume could shift attention toward $95,000 and then the larger $100,000 milestone. If Bitcoin fails to hold above $90,000, the market could pull back toward $85,000, with the broader breakout area around $82,000–$83,000 acting as more important support. Treasury yields remain a potential risk, as higher yields could pressure Bitcoin if financial conditions tighten again.
