The shares of PayPal Holdings Inc (NASDAQ: PYPL) are in the spotlight today after the digital payment platform launched a cryptocurrency checkout feature in the U.S. This will allow users to pay with Bitcoin, Ethereum, and Litecoin starting today. At last check, PYPL was down 0.5% to trade at $234.60.

PayPal stock has shed roughly 24% since its Feb 16 record high of $309.14, with pressure from the 20-day moving average -- a trendline that's alternated between support and resistance the last 12 months -- now keeping a tight lid on the shares. However, the 120-day moving average appears to have contained the damage, and the equity is still up around 141% year-over-year. 

The options pits have been much more bearish than usual. PYPL's 10-day put/call volume ratio of 0.91 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands higher than all other readings from the past year. This indicates that while puts are still outnumbered by calls on an absolute basis, the former are being picked up at their fastest rate in the past 12 months. 

These premiums are relatively well-priced at the moment. The stock's Schaeffer's Volatility Index (SVI) of 39% stands higher than just 25% of all other readings in its annual range, implying options players are pricing in relatively low volatility expectations at the moment. Furthermore, the security's Schaeffer's Volatility Scorecard (SVS) sits at a 90 out of 100, meaning SYF has exceeded these volatility expectations during the past year.