Greeks.live: Whale users have been continuously increasing their short positions recently, generally in a mindset of protecting spot positions or taking profits

Greeks.live macro researcher Adam posted on the X platform, stating that the options bulk market has been very hot recently, just completing a transaction of a butterfly combination with a nominal value of 20 million US dollars in Bitcoin. This bulk trade is for newly opened options, betting that Bitcoin will experience a slight drop before the end of March, with $47,000 as the maximum profit point. It also includes components with short implied volatility; falling below $44,000 or not falling below $49,800 will result in losses, but the maximum loss is limited. Whale users have been continuously increasing their short positions recently and are generally in a mindset of protecting spot positions or taking profits, which differs from the expectations of most people aiming for new highs.