Options traders are storming into bets against crypto’s most vocal evangelist Michael Saylor. Call it mutiny on Strategy.

Flows around Saylor’s Strategy (MSTR) and the company’s variable-rate preferred stock STRC are turning bearish this week after traders had been more balanced in the preceding month despite a steady decline in bitcoin that began in mid-May.

More than twice as many puts traded versus calls in Strategy Friday and more than three times as many puts were bought than calls, on almost three times the daily average volume the past month. Of the $335 million in premium traded as of writing, $250 was tied to puts.

Some of the biggest put-buying was tied to spread strategies used in the YieldMax Short MSTR Option Strategy ETF…