Bitcoin, major tokens drop as traders position for downside protection

Bitcoin falls 5.1% to $69,200 on Feb. 9; Ether drops 6.4% to $1,970. Traders bought about $1.05 billion of Bitcoin put options over the past 24 hours, pushing the BTC options put-call open-interest ratio to 1.6. Perpetual funding rates across major exchanges flipped negative, averaging -0.012% per 8-hour funding interval.