In recent market conditions like this, many spot holders can only watch their accounts shrink, but people who understand options are already setting up Put Spreads to collect premiums.

A Put Spread, simply put, means selling a Put while buying a lower strike Put for protection. For example, with BTC currently at $70K, you could sell a $68K Put while buying a $65K Put.

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

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

Over the past week, IV (implied volatility) has risen noticeably due to geopolitical tensions, making the premium when selling Puts quite attractive. Volatility always tends to revert to the mean, and options sellers profit from this time difference.

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