Despite popular belief, the Cboe and CME were not the first exchanges to offer the trading and clearing of Bitcoin derivatives in the US. LedgerX was the first company to do this, after receiving permission from the CFTC over the summer to produce the first SEF (swap execution facility) allowing it to clear trades of bitcoin-focused options. Despite trading on LedgerX being more subdued than larger exchanges (during its first week LedgerX recorded only $1 million in trading volume) some investors are using the platform to place huge bets on out-of-the-money options. Data released by LedgerX on Wednesday showed that one anonymous trader bought $1 million in options which will only pay off if the price of Bitcoin leaps above $50,000 next year. Wall Street Journal said this: “Daily trading records released on Wednesday by LedgerX, a startup electronic market for bitcoin derivatives, show that an unidentified trader or traders entered the bullish bets using bitcoin call options that expire next December. Just under $1 million was paid for the options in one or more trades, the records show. It is unclear from LedgerX's data who the buyer or buyers were.”If Bitcoin comes close to matching this year’s incredible increase, this trade could be very lucrative. However, if the price of Bitcoin falls dramatically like many well known financial figures predict, the anonymous buyer will lose his initial $1 million investment at most. To an average investor, $1 million might seem like a lot of money. However, in the Crypto world, where billions of dollars of market cap can disappear instantly, $1 million is simply pocket change.