Nearly $2.5 billion worth of Bitcoin and Ethereum options are set to expire soon, with a prevailing bullish tone but significant deep downside protection on Bitcoin at the $40,000 strike. The majority of open interest is call-heavy, indicating upside bets, but the sizable $40,000 Bitcoin put signals caution among traders wary of potential volatility. Analysts note this options activity reflects a complex market outlook that balances upside potential with risk management strategies.

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