The defensive sentiment in the Bitcoin options market is heating up, with a total nominal value of $200 million

According to Greeks.live's analysis on X platform, bulk trading of Bitcoin put options accounted for nearly 40% of total transactions, mainly concentrated in the bear market spread between $75000 and $71000 put options at the end of May, with a total nominal value of approximately $200 million. The market tends to defend against a market pullback, but does not believe it will collapse. This month, the main investors have continued to increase their defensive positions, controlling costs by buying effective protection and selling tail financing.