I noticed an interesting movement in the Bitcoin market. Optimistic traders have started actively hedging their positions by buying protection against a decline before contract expiration. On Friday, contracts worth about $8.9 billion are expiring, and it seems many traders do not want to take risks. This is a classic signal: when even bullish traders start to hedge with puts, it indicates some level of uncertainty. They might be expecting volatility around the expiration or simply hedging before the weekend. In any case, such volumes of protection are always interesting to monitor, as they help understand the sentiment of major market players.