Editing Openai/691df491-0d78-8005-ad11-12760f0fa16d (section)

===== 🔻 Institutional Put Cluster ($170–$180): =====

| Strike | Volume / OI | Volume | Open Interest | Notes                                               |
| ------ | ----------- | ------ | ------------- | --------------------------------------------------- |
| 180 P  | 2.60x       | 1,030  | 396           | Nearest real bearish hedge                          |
| 179 P  | 2.32x       | 1,260  | 542           | Solid activity just under                           |
| 177 P  | 2.26x       | 2,485  | 1,098         | Big volume, slightly out of zone but still relevant |
| 176 P  | 2.56x       | 1,408  | 551           | More aggressive downside hedge                      |
| 175 P  | 1.87x       | 1,090  | 584           | Edge of filter, may be retail spillover             |

📌 Recommendation:
→ $180P is the closest strong institutional play, with 177P and 176P being bearish continuation hedges. If you’re betting on a rejection from $185 or volatility reversal, these puts are where funds are layering protection.