I noticed an interesting movement in the Bitcoin options market — puts with a strike price of $40k have increased volume to $490 million. It seems traders are actively hedging against a decline. On Deribit, there are quite a few contracts expiring on February 27.

Overall, about $7.3 billion worth of options are set to expire this month. Interestingly, most of the attention is focused on $75k — they say this is the most painful point for the market.

At the same time, call options still outnumber puts — 63.5k versus 45.9k. But the open interest ratio shows 0.72, hinting at an intriguing situation: people are simultaneously looking to protect against drops and not miss out on potential gains. It seems the market is in a wait-and-see mode — preparing for movements in both directions.