Intrinsic Value vs Put Option

The immediate exercise value of an options contract if exercised today; for a call option: max(0, spot price − strike price); for a put option: max(0, strike price − spot price); an option with intrinsic value is in-the-money.

A financial contract giving the buyer the right, but not the obligation, to sell an underlying cryptocurrency asset at a specified strike price on or before expiry; buyer pays premium upfront; profit occurs when spot price falls below strike minus premium paid.