Bitcoin options block market data shows that in the past 24 hours, the proportion of large-scale bearish options transactions for Bitcoin has significantly increased, exceeding $1.15 billion and accounting for 28% of the total market volume. The trades are mainly concentrated on shallow out-of-the-money bearish options for this week and this month, with the 10.4K to 10.8K range being the most active. At the same time, the skew's negative bias has deepened, with short-term shifts being particularly noticeable. The degree of deepening in negative bias is comparable to the levels seen on the 11th. This indicates that the options market, especially major players like market makers, are highly fearful of further declines, with sentiment approaching that of the post-crash panic on the 11th. Following the trading strategies of these big players, buying bearish options as a defensive move might be the better choice right now.