🚨 Bitcoin's $40K "put" is now the second largest options bet ahead of the Feb 27 expiry, ~$490M in notional open interest.
That's serious crash protection demand with
$BTC around $66K after a 50% pullback.
Max pain sits at $75K (~$566M), while calls still outnumber puts (PCR 0.72).
Traders are positioned for a rebound but clearly hedging for another leg down.