[Analysis: Binance Hack Sees $590 Million in BTC Options Trading in the 8 Hours Following the Hack, Primarily Bearish] According to CoinDesk, in the approximately 8 hours following the Binance hack, the Paradigm platform saw a notional trading volume of approximately $590 million in BTC options, roughly half of the total Deribit BTC options trading volume during the same period. The flow of funds was clearly bearish, primarily consisting of put options. The first transaction occurred about 15 minutes after the initial outflow of funds from the Binance wallet and before the news was made public, with a buyer purchasing 250 put options expiring on October 31st with a strike price of $78,000. During the most active hour of trading, two more large-scale transactions occurred, each involving 1,000 put options expiring in mid-November with a strike price of $74,000, with a notional value of approximately $155 million. Paradigm points out that the buying was concentrated at strike prices close to the current market price, between $74,000 and $78,000, indicating more hedging against short-term pullbacks than betting on a sharp drop.