A Bitcoin options investor paid approximately $3.17 million for a long call butterfly position targeting a price near $95,000 at the October 30 expiry. The trade bought call options at $90,000 and $100,000 while selling twice as many at $95,000, with the position executed in five blocks through Paradigm, according to Laevitas data cited by CoinDesk. The structure can produce a gross positive return if Bitcoin remains between $90,000 and $100,000 and offers its highest payoff near $95,000, but returns could fall to zero outside that range, putting the initial premium at risk. Bitcoin recently rose above $87,000, while Laser Digital analysts said demand for bullish call options and short-term call skew had increased. The trade does not establish that Bitcoin will reach $95,000.