期权市场防御情绪升温：近四成成交为看跌期权，大额价差布局约2亿美元

Odaily reported that Greeks.live analyzed on X platform that Bitcoin Put blocks accounted for nearly 40% of total trading volume today, with concentrated trading in bear put spreads for late May at $75,000/$71,000 strikes. The total notional value was nearly $200 million, using the rebound to position defensive holdings for the last ten days of the month.

Overall, the market is leaning toward defending against pullbacks but does not anticipate a crash. May and June have always been considered unfavorable months for trading. This month, major investors have been steadily increasing their defensive positions: buying effective protection, selling tail risk financing, and controlling costs.