A notable $40,000 Bitcoin put option has emerged as the second-largest options bet ahead of its February 27 expiry, with nearly $490 million in notional value placed on it. This reflects strong demand for downside protection among traders, particularly amid market uncertainty. Notably, this activity occurs even as $566 million is positioned at the $75,000 max pain level, and overall, calls continue to outnumber puts in Bitcoin options, indicating a prevailing trend among institutional traders to hedge against risk.
Bitcoin sees $490M in put options at $40K strike ahead of expiry
