Trader bets $3M on Bitcoin hitting $95K by October

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A $3 million bet says Bitcoin hits 95,000 by the end of October.

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And Binance takes a $100 million stake in Circle.

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A trader just placed a $3.17 million bet that Bitcoin will reach 95,000 by the end of October.

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The position is a long call butterfly. It pays off most if Bitcoin lands right around 95,000 at expiry and expires worthless outside a 90 to $100,000 range.

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Bitcoin is trading near 85,800 as of this morning.

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Binance is buying a $100 million stake in Circle as part of a five-year deal to promote USDC.

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Circle sold Binance 1.24 million shares at $80.84 each, a discount to its market price.

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In return, Circle will pay Binance a monthly fee tied to how much USDC users hold through its wallet infrastructure.

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Binance can't sell or hedge the shares for two years.

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Co-CEO Richard Tang called it long duration conviction.