The biggest BTC block options trade in the past day: Some big shot bought 90K put options expiring at the end of January + sold 90K put options expiring at the end of February; 375 BTC on each side. => Basically, he’s betting that BTC will drop by the end of January but bounce back above 90K by February. The current market has pretty much exhausted all the good news, and a rate cut is basically a done deal. So if everyone 'sells on the news' or continues to panic over MSTR being kicked out of the index in early January, there’s indeed a risk of downside. But it’s also clear he’s optimistic that the market will recover after February.