PANews reported on February 19th that, according to Deribit data, the notional value of $40,000 put options expiring on February 27th has reached approximately $490 million, highlighting the market's increased demand for hedging against downside risk. Furthermore, Bitcoin options with a notional value of approximately $7.3 billion will expire at the end of this month, with $566 million tied up at the $75,000 strike price, currently considered the "biggest pain point." Although the number of call options still exceeds that of put options (63,547 call option contracts versus 45,914 put option contracts), with an open interest ratio of 0.72, the large number of put positions at low strike prices indicates a significant market demand for downside protection. Traders are maintaining exposure to potential rebounds while also hedging against a potential further decline.