[Defensive Sentiment Rises in the Options Market: Nearly 40% of Trades Are Put Options, Large Spread Positions Total Approximately $200 Million] Odaily Planet Daily reports that Greeks.live analyzed on the X platform, stating that Bitcoin Put options accounted for nearly 40% of total trades today. The concentrated trades were bearish spreads for $75,000/$71,000 Put options expiring at the end of May, with a total notional value of nearly $200 million. Investors are taking advantage of the rebound to set up defensive positions for the last ten days of this month. Overall, the market leans toward defensive strategies to guard against pullbacks but does not anticipate a crash. May and June have consistently been considered unfavorable months for market performance, and major investors this month have been steadily increasing defensive positions: buying effective protection, selling tail-end financing, and controlling costs.