#PutOI heavily stacked below spot 📉🔴. Feb expiry cluster $70K–$60K, longer dated builds $50K–$30K into year end 💪.

Persistent #HedgingDemand across expiries. #Calls cluster above $120K in H2 — upside monetized, downside owned as #TailRisk ⚡️.

Positioning deeply defensive — no #SnapbackRally signs 🎯👀