The market has been in a downturn lately and this include bitcoin. ProShares Bitcoin Strategy ETF (BITO), which tracks bitcoin futures, is down about 18% year-to-date. BITO trades a fair amount of options on the average day – about 70,000 – so it was surprising to see a 22,400 block of April puts trade last week. The trade appears to be rolling March puts to April and down to a lower strike. In this case, it’s very possible the puts are being used as hedge against a long cryptocurrency position.