You do realize that a whale planning to buy thousands of BTC would put in exactly this type of put option to hedge his position, right?
This would work only if the options payoff was in fiat. If payoff is in BTC, it has negative convexity that negates the hedge. If BTC goes to zero, the hedge will have made a lot of BTC, but still zero dollars.
On top of that, if BTC does collapse, the "whale" is going to learn about counterparty risk.