Sharing my strategy from the last cycle when I was bottom-fishing BTC and ETH. For example, if my target entry for a long-term BTC position is $65,000, I’ll sell BTC $65k put options and simultaneously place a spot buy order at $65k. If BTC dumps to $65k, I catch the dip *and* pocket the premium from selling the put. If it doesn’t, I just collect the options premium as passive income. Check the screenshot below for a random example: I sold a $1,000 notional BTC put expiring Feb 27, 2026, with a $65k strike. Basically, I’m selling someone the right to sell me $1,000 worth of BTC at $65k on that date. You can see my margin balance instantly hit $1,150—$1,000 principle + $150 premium from selling the put. If BTC nukes below $65k by expiry, I buy BTC at $65k with my $1,150, catching the bottom. If not, my buy order doesn’t fill but I still bag the $150 premium (that’s ~15% yield in under a month). You can keep rolling this put until you finally catch the dip. This way, at the end of a bear market, you not only DCA the bottom but also get paid by short-term degens who are betting on volatility. Your real entry is way lower than just aping in spot. (PS: Always DYOR before using new trading tools. For example, BN’s options are European style and cash settled. To run a true cash-secured put, you need to place a $65k spot buy order at the same time. Know the mechanics before you play!)

Now you need to complete the bathroom report.

I made a typo; it should be "sold to someone else who sold me the right to 0.13 BTC".

This can only be done with a small position. If there is an extreme crash, the risk premium (IV) will be driven very high, making it impossible to stop the loss. At this point, trying to buy the buy the dips with huge unrealized losses is essentially using leverage. If the price continues to fall, you will lose everything in one fell swoop.

A typical example is the three-pronged attack that occurred in 2022.

I remember OKX had a similar shark fin strategy before? @mia_okx

The cost of this strategy is the loss of flexibility in terms of time and price.

Yes, but I think the flexibility in timing during a bear market is counterproductive to traders; the more anxious you are, the more likely you are to lose money.