Recently in this market, many spot holders can only watch their accounts shrink, but those who understand options have already started deploying Put Spreads to collect premium.

Put Spread in simple terms is selling a Put while simultaneously buying a lower strike Put for protection. For example, with BTC at $70K now, you can sell a $68K Put and buy a $65K Put.

The core logic is: if BTC falls between $68K-$65K, you profit from the premium difference. If BTC breaks below $65K, your maximum loss is locked at the difference between the two strikes minus the premium received. If BTC stays above $68K, you keep the premium for free.

This is safer than naked Put selling and costs less than direct shorting.

Over the past week, IV (implied volatility) has risen noticeably due to geopolitical tensions, making Put selling premiums quite attractive. Volatility always mean-reverts eventually, and option sellers profit from this time arbitrage.

The advantages of options tools? With the same bearish outlook, futures require precise timing—get it wrong and you're liquidated; options let you define your risk boundary—even if wrong, you know the maximum loss. This is how professional traders think.