Bitcoin’s $40,000 put becomes second-largest options bet ahead of February expiry next week

Heavy positioning at lower strikes signals rising demand for downside protection for bitcoin. What to know : The $40,000 put option is the second largest strike by open interest, with about $490 million in notional value, highlighting strong demand for crash protection into the Feb. 27 expiry. Roughly $566 million is positioned at the $75,000 strike, the max pain level. Calls still outnumber puts overall, showing traders are balancing rebound exposure with downside hedges.