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I just saw that the $40,000 Bitcoin put option became the second-largest options bet in February before it expired.
Wild how much volume flowed into this put option – it indicates that many traders were expecting a price decline.
The put option was apparently one of the largest positions in the options market during the period leading up to expiration.
Such large put options always interestingly show where market participants are placing their hedges.
When a put option reaches this size, it usually means institutional players or large traders are looking to hedge.
The February expiration of this put option was definitely one of the highlights in Bitcoin derivatives during that period.