While aggregate positioning into expiry skews call heavy, one strike stands out: The $40K BTC put remains among the largest open interest strikes ahead of February expiry. Deep OTM downside protection demand remains visible on the board, even as headline put/call ratios lean constructive. @btcjvs provides more context on @CoinDesk: https://www.coindesk.com/markets/2026/02/19/tbitcoin-s-usd40-000-put-becomes-second-largest-options-bet-ahead-of-february-expiry-next-week(Deribit)