A substantial Bitcoin options trade involving the purchase of put options, expiring on April 25, 2025, with a strike price of $60,000, has emerged. This transaction involved over 1,000 BTC and a potential value exceeding $100 million. These deep out-of-the-money options present a double-edged sword: they serve as low-cost hedges against extreme risk, or high-leverage bets on significant price declines. Currently, the majority of large-scale trades focus on establishing and adjusting positions, with institutions showing heightened interest in put options this month. This suggests a cautious outlook among major investors and a preference for hedging strategies against potential downturns.