According to CoinDesk, data from Deribit shows that as Bitcoin hovers around $66,000 following a significant pullback, the notional value of $40,000 put options expiring on February 27 has reached approximately $490 million, highlighting increased market demand for hedging against downside risks. Additionally, Bitcoin options with a notional value of about $7.3 billion are set to expire at the end of this month, with $566 million concentrated at the $75,000 strike price, which currently represents the "maximum pain point." Although the number of call options still exceeds that of put options overall (63,547 call contracts versus 45,914 put contracts), with a put-call open interest ratio of 0.72, the substantial put positions at lower strike prices indicate a clear market demand for downside protection. Traders are hedging against potential further declines while maintaining exposure to potential rebounds.