$40,000 Bitcoin put options become the second largest position, expiring on February 27

Bitcoin $40,000 put options have become the second largest open interest, with a total notional value of approximately $490 million, indicating an increased demand for downside protection in the market. Around $566 million in positions are concentrated at the $75,000 strike price, representing the maximum pain level. Overall, the number of call options still exceeds put options, suggesting that traders are balancing expectations of a rebound with hedging against downside risks.