Over $6 billion in assets flowed out of Binance wallets, and the first large trade was executed about 15 minutes after the outflow.

$BTC Put options were snapped up by institutions, with a notional value of about $590 million in block trades over eight hours—nearly half the amount traded on Deribit over the same period. Two November put options, each covering 1,000 BTC with a $74,000 strike price, totaled about $155 million.

What’s interesting is how quickly they moved. The first trade—250 $78,000 put options—landed before the event became public. Three minutes later, they added another 250, paying 35% more. Someone was faster than the news.

The money was concentrated in the $74,000–$78,000 range, buying protection close to spot to hedge against a pullback. That stance is more intriguing than panic.

#BTC