BTC's $40K put is now the 2nd biggest options bet

BTC ETFs bled $133M. Fear & Greed screams Extreme Fear. And the $40K put is now Bitcoin's second-largest options position. Meanwhile, Base just dumped the OP Stack. Someone's rewriting the L2 map.

Today's key developments:
• Bitcoin's $40,000 put is now the second-largest options position ahead of next week's February expiry. ETFs bled $133M while sentiment sits in Extreme Fear.
• Coinbase is abandoning Optimism's OP Stack for Base, building its own unified tech stack. OP token plunged double digits on the news.
• Ledn raised $188M in the first-ever Bitcoin-backed asset-backed securities deal, packaging over 5,400 BTC-collateralized loans. S&P rated the majority BBB-.


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