Defensive sentiment surges in the options market: nearly 40% of trading volume is in put options, with large spread setups of about $200 million

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ME News, May 20 (UTC+8): Greeks.live posted an analysis on X platform, stating that today Bitcoin Put block trades accounted for nearly 40% of total volume, with the concentrated trades being bear put spreads of $75k/$71k Puts at the end of May, with a total notional value of nearly $75k. The moves were made to build defensive positions for the last ten days of the month during the rebound. Overall, the market tends to defend against a pullback without expecting a crash. May and June have always been considered unfavorable months for the market, and major investors have been increasing defensive positions this month: buying effective protection, selling tail financing, and controlling costs. (Source: ODAILY)
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