Recently, a large order appeared in the options market of a leading trading platform: a seasoned trader bullish on BTC's future, set up a $105,000 call option position at the end of February, opening 500 contracts at once, with a premium expenditure of over $1.1 million. This move is indeed aggressive.

From a risk-reward perspective, the breakeven point for this trade is at 10.7万. Only if BTC breaks through this level can it start to turn profitable. Conversely, if BTC fails to reach 10.5万, the entire premium paid will be lost—this is a typical characteristic of long call options: clear risk, capped upside.

Strategically, such large bullish bets usually reflect some market institutions' positive outlook on BTC's near-term upward movement. Of course, the market is ever-changing, and such high-stakes bets are always at risk of losing the premium.