Odaily News Adam, a macro researcher at Greeks.live, posted on the X platform that there were only five large cryptocurrency options orders today, all of which were large Bitcoin orders. Multiple large buy put option transactions show that the market is increasingly concerned about the decline in cryptocurrency prices, especially the buy risk reversal transaction (face value $33,445,520.00), which highlights that institutional investors are actively hedging downside risks. The buy risk reversal strategy reflects that investors are conservative about upside potential while protecting downside risks, and market uncertainty has increased.