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I just noticed the latest Bitcoin options data—strike $20,000 turns out to be the most popular among traders ahead of this quarter's expiry. This is interesting because that level is already far from the current price, but the open interest volume is quite large.
Usually, when so many options are taken at such a distant strike, it indicates certain expectations or hedging strategies from institutional players. They might be preparing for volatility or anticipating specific scenarios in this quarterly options.
It's also strange considering Bitcoin's current price is at a higher level, yet traders still focus on downside protection with such a low strike. Maybe some are pessimistic or just cautious ahead of the quarterly expiration.