The $40k BTC put option emerges as second largest bet ahead of february expiry next week
CoinDesk
Bitcoin's $40,000 put option is the second-largest open interest position before the February expiry, showing high demand for downside protection.Summary
The $40,000 Bitcoin put option has become the second-largest position by open interest ahead of the February 27 options expiry, representing roughly $490 million in notional value. This significant positioning signals strong demand for downside protection following recent price declines, as put options insure against BTC falling below a set strike price. While overall open interest shows calls outweighing puts (a put-to-call ratio of 0.72), the concentration of large put interest at lower strikes indicates traders are actively hedging against further losses, even while retaining some upside exposure. In total, about $7.3 billion in Bitcoin options notional value is set to expire this month.
(Source：CoinDesk)