Data: The nominal value of the $40,000 put options expiring on February 27 has approached $500 million, indicating an increase in hedging demand

According to CoinDesk, data from Deribit shows that as Bitcoin experiences a significant pullback to around the $66,000 range, the nominal value of $40,000 put options has reached approximately $490 million, highlighting an increased demand for hedging against downside risks in the market.

Additionally, Bitcoin options with a nominal value of about $7.3 billion will expire at the end of this month, with $566 million accumulated at the $75,000 strike price, which is currently the "maximum pain point." Although the total number of call options still exceeds that of put options (63,547 call option contracts versus 45,914 put option contracts), the open interest ratio between the two stands at 0.72. However, the large put positions at lower strike prices indicate a clear demand for downside protection, as traders hedge against potential further declines while maintaining exposure to a rebound.