Bitcoin’s value has been plummeting for four days, with a drop seen as the largest since August. The selling trend is prompting investors and traders to hedge against further declines by buying put options with a strike price of $70,000. According to Deribit, a leading crypto options exchange, open interest for these contracts is at its second-highest level among all expiring contracts on February 28. A total of $4.9 billion in open interest will expire on Friday.
Source: https://www.bloomberg.com/news/articles/2025-02-26/bitcoin-options-show-traders-are-hedging-against-drop-to-70-000