Put Option vs Vertical Spread

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.

An options strategy combining a bought option and a sold option at different strikes but the same expiry and underlying; creates a defined maximum loss (net premium paid) and a capped maximum gain (difference in strikes minus net premium); includes bull call spreads and bear put spreads.