Yesterday on Deribit, a large volume of BTC put options for $40,000 dated November 8th were purchased

According to a post by Lin Chen, the head of Deribit's Asia-Pacific business, the largest BTC bulk option yesterday was: a user bought a $40,000 put option for November 8th and sold a $40,000 put option for next March at the same time, totaling 1275 BTCs and paying an option premium of $1.204 million. Analysis suggests that investors seem to be locking in an "insurance" of $40,000 for the end of US election day. The cost is that if the price falls below $39,000 (the break-even point of selling put options) by year-end they will face losses.