Bitcoin’s $40,000 put becomes second-largest options bet ahead of February expiry next week
Search/NewsVideoPricesResearchConsensus 2026Data & IndicesSponsoredSearch/enMarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailBitcoin’s $40,000 put becomes second-largest options bet ahead of February expiry next weekHeavy positioning at lower strikes signals rising demand for downside protection for bitcoin. By James Van Straten|Edited by Sam Reynolds Feb 19, 2026, 6:48 a.m. Make us preferred on GoogleOpen Interest by Strike Price (Deribit) What to know: The $40,000 put option is the second largest strike by open interest, with about $490 million in notional value, highlighting strong demand for crash protection into the Feb. 27 expiry.Roughly $566 million is positioned at the $75,000 strike, the max pain level.Calls still outnumber puts overall, showing traders are balancing rebound exposure with downside hedges.The $40,000 put option has emerged as one of th
Source: https://www.coindesk.com/markets/2026/02/19/tbitcoin-s-usd40-000-put-becomes-second-largest-options-bet-ahead-of-february-expiry-next-week
