A significant BTC options trade was executed today. A user sold $70,000 put options expiring at the end of January next year and bought $60,000 put options, totaling 250 BTC. The transaction earned the user a premium of $1.043 million. The user is reportedly bullish on BTC in the long term. If Bitcoin's price exceeds $66,000 at the time of settlement, the user will profit, with an annualized return of approximately 46%.

Should Bitcoin's price fall below $70,000 by the end of January next year, the user is willing to buy at that price while purchasing $60,000 put options to hedge against extreme risks..