On December 31, according to on-chain analyst Ai Yi (@ai_9684xtpa), a trader bought 3,000 BTC call options worth $100,000 each, expiring on January 30, 2026, on Deribit, spending a total of $2.86 million in premiums.
If held until maturity, a loss will occur if BTC does not exceed $100,953.67 on the due date; if it does not exceed $100,000, the entire $2.86 million will be lost. (Of course, profits can be taken at any time during a BTC price increase.)
