Bitcoin options–market data indicate that over the past 24 hours, the share of bearish trades has risen markedly. More than US1.15 billion, or about 28 % of total options volume, has flowed into shallow out‑of‑the‑money (OTM) puts expiring this week and this month, with the 10,400 – 10,800 strike range being the most active. At the same time, the skew has turned more negative, especially in the short term. The magnitude of this shift is comparable to the readings observed on the 11th. This suggests that options participants — particularly large liquidity providers / market makers — are pricing in substantial downside risk, with sentiment nearing that seen after the broader market drop on the 11th. In line with the positioning of these large players, buying put options as a hedge currently seems a more prudent strategy.(Greeks.live)