The max pain price for Friday's bitcoin options expiry is $44,000.
The transaction occurred on the secondary market; Deribit declined to state its current valuation.
From the end of June through now, FTX’s market share has grown from 9% to 16%.
"There was a flurry of call buying and put selling after the London fork," one trading firm said.
Put-call open interest ratio measures the number of open positions in put options relative to calls.
Cryptocurrency market makers say they're fielding inquiries about how to bet on a falling price for the dollar-pegged stablecoin USDT.
Framework Ventures and ParaFi Capital are leading the round in a bid to see if DeFi options trading can finally click.
Options traders are pricing an 8% chance of the cryptocurrency rising to a new peak above $64,800 by Dec. 31.
"We are now short-term bullish to the topside against the $30,000 region triple bottom," a trading firm said.
A strangle is essentially a bet that bitcoin’s price won’t break out anytime soon.
The last time the put-call ratio dropped to six-month lows was during the December-January bull run.