#BTC Bitcoin: 490 million bet on a crash to 40,000 dollars, should we be alarmed?

The Bitcoin options market shows a clear signal: the put at 40,000 $ has become the second largest bet before expiration on February 27, with around 490 million dollars nominal. In other words, part of the traders are paying a high price for a "catastrophe" insurance. Is this a prophecy? Not necessarily. It is often a reflection of hedging when the market has just been shaken. Bitcoin is today around $66,000–$68,000, after a sharp decline from the peaks of October. In this scenario, options look less like a vote on the future and more like a tight seatbelt at the last moment.