The strategy will earn maximum profit if bitcoin falls to $47,000 on the expiry day. The forecast, therefore, is for prices to drop in the next few weeks but not below $47,000. The payoff diagram shows a maximum profit at the center and a fixed loss in case prices breach the two ends, mimicking the body of a butterfly. Hence, the strategy is called a “butterfly” bet.
Avraham Eisenberg, Mango Markets Exploiter, Charged with Possession of Child Pornography
Upon discovery of the material, the Government applied for and obtained a second warrant, expanding the scope of the original...