On Monday, open interest in EWP’s February $32 strike puts was more than eight times the open interest in the calls with the same strike, according to Option Monster. The average put/call ratio on EWI and EWP is now over 2.3-to-1.

As for GREK, options traders have been rolling over profitable positions in anticipation of further declines for the ETF.

Recently established “February and March put positions have been rolled to from puts in December and earlier months as traders have been betting against Greece for months now,” Reuters reports, citing OptionsHawk.com.

Global X FTSE Greece 20 ETF