The notional value of the $40,000 put options expiring on February 27 has approached $500 million, as hedging demand increases.

Deep Tide TechFlow News, February 19 — According to CoinDesk, Deribit data shows that as Bitcoin experienced a significant pullback and recovered to around $66,000, the notional value of $40,000 put options expiring on February 27 has reached approximately $490 million, highlighting an increased market demand for downside risk hedging. Additionally, Bitcoin options with a notional value of about $7.3 billion are set to expire at the end of this month, with $75,000 strike options accumulating $566 million, which is currently the “largest pain point.” Although the total number of call options still exceeds that of put options (63,547 call contracts versus 45,914 put contracts), with a open interest ratio of 0.72, large downside positions at lower strike prices indicate a clear market demand for downside protection. Traders are hedging against potential further declines while maintaining exposure to rebounds.