A Bitcoin trader who posts as Crash says he turned $250,000 into about $3.4 million by trading options during the recent crypto sell-off. The claim was posted on X on Oct. 30 with a screenshot showing a balance of $3,387,187.14. The image suggests most of the funds were listed as available, while a smaller part was marked as in use.
The numbers are large, but the screenshot does not show a full order history. It also does not confirm whether outside deposits were added or how much profit was actually realized. Based on the starting figure, the move would be a 13.6x return, or roughly 1,255% profit against the exact balance shown. That is a big claim, and it remains unverified from the public post alone.
What the trader says happened
Crash also says he made a separate put option trade on Bitcoin that returned 150x. In a follow-up post, he claimed he turned $130 into $25,000 in six hours on a single contract. He called it his best one-day percentage result. If accurate, that $130 trade would be about 192 times the stake, before fees. The post does not make clear whether this contract was the same as the 150x put trade. So the two claims should be treated as separate and unconfirmed.
How a put option can pay off in a drop
A put option gives the holder the right to sell an asset at a set strike price under the contract terms. In cash-settled contracts, the seller pays the difference in cash instead of delivering bitcoin. When the spot price falls, a put can become more valuable because the right to sell at the strike is more useful. The premium depends on price direction, time to expiry, and implied volatility. Cheap out-of-the-money puts can swing sharply in percentage terms if price moves fast toward the strike. For a buyer, the maximum loss is usually limited to the premium paid if the option expires worthless.
Risk stays high even after a win
The trader did note the need to take profits when a trade moves strongly. That point matters in low-liquidity derivatives, where the bid-ask spread can make real execution worse than the balance on a screen. Big screenshots can draw attention, but they are not the same as audited trading records. Bitcoin options expiries on Deribit and CME are set for the final trading session of November 2026. That date may draw institutional hedging activity around central bank policy decisions. For now, the $3.4 million claim is a public post with a screenshot, not a confirmed track record.
