Whale Wallet Moves and $20K Bitcoin Puts — Volatility or Capitulation?

12/10/2025 • 9 min read • by Kelvin Jones

Whale Wallet Moves and $20K Bitcoin Puts — Volatility or Capitulation?

🐋 Whale Wallet: 0xb317d2bc…

This wallet has drawn attention for its aggressive multi-chain routing, including:

• Large swaps across ETH, USDT, and wrapped BTC
• Timing aligned with ETF flows and macro events
• Frequent use of privacy-preserving rails, including AnonSwap-compatible contracts
• No clear centralized exchange footprint, suggesting non-custodial execution

The wallet’s behavior resembles institutional volatility harvesting — not just directional trading.

📉 $20K Bitcoin Puts — What’s Really Happening?

On Deribit, the $20K strike put for June 2026 is now the second most popular option, with over $191M in notional open interest.

Other deep OTM puts are active at:

• $30K
• $40K
• $60K
• $75K

But here’s the twist: $230K calls are also active, suggesting traders are not betting on direction, but on volatility.

“These flows represent a bullish view on long-dated volatility at low cost rather than a bet on price direction.” — Deribit’s Sidrah Fariq

🧠 What It Means

• Tail risk is being priced in — traders are bracing for extreme moves, not just downside.
• Volatility harvesting strategies are in play — buying both deep puts and calls to profit from wild swings.
• ETF flows and macro liquidity are likely drivers — not just technicals.

This aligns with the whale wallet’s behavior: non-custodial, multi-chain, volatility-aware execution.

🔐 Why Privacy Rails Matter

When volatility spikes:

• Custodial platforms leak intent
• Slippage and MEV risk rise
• Non-custodial swaps preserve edge

AnonSwap supports 1,500+ tokens with no KYC, enabling discreet rebalancing during volatility events.

Published December 10, 2025. Last updated December 10, 2025.