Trader Bets $3M on Bitcoin Hitting $95K by October | CoinDesk Daily

Uyen Truong (0:00)

A $3 million bet says Bitcoin hits $95,000 by the end of October. And Binance takes a $100 million stake in Circle. This is CoinDesk Daily.

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A trader just placed a $3.17 million bet that Bitcoin will reach $95,000 by the end of October. 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 $90,000 to $100,000 range. Bitcoin is trading near $85,800 as of this morning. Binance is buying a $100 million stake in Circle as part of a five-year deal to promote USTC. Circle sold Binance 1.24 million shares at $80.84 each, a discount to its market price. In return, Circle will pay Binance a monthly fee tied to how much USTC users hold through its wallet infrastructure. Binance can't sell or hedge the shares for two years. Co-CEO Richard Tang called it long-duration conviction. And Cardano has joined the race to power payments for AI agents. The network was added to the official X402 toolkit, the standard that lets an app or an AI agent pay for an online service on its own, without a human opening an account or entering card details. Coinbase built X402 last year before handing it to a Linux foundation group backed by Visa, MasterCard and Google. Solana and the XRP ledger already support it. And Cardano's version has only run on a test network so far. Get more updates on coindesk.com. Want trusted crypto research? Check out The Stack, Grayscale's blog. Visit grayscale.com/thestack.

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