Binance platform BNB has surged more than 10% from Sunday's low of $597 and is now nearing an all-time high of $705. However, with trading near $3 billion in the past 24 hours, options traders are exercising caution and buying put options with a strike price of $550-650. Bernd Sischka, chief commercial officer at PowerTrade, said: "11,250 BNB options were traded, with calls in the $600- $700 range and puts in the $650- $550 range. Traders expect a lot of volatility as prices move towards their 2024 highs."