The third most popular strike for $20,000 bitcoin put options ahead of Deribit’s quarterly expiry, with roughly $600 million in notional value, concentrated at the $20k strike. This indicates traders are positioning for extreme downside scenarios due to the Middle East conflict. With bitcoin trading below $70,000, this puts is considered deep out of the money, meaning it only gains value in the event of a sharp market collapse or a 70% drawdown from current prices. However, this activity is likely driven by traders selling these far out-of-the-money puts to collect premium.