Analysis from Greeks.live reveals a significant surge in bearish sentiment within the Bitcoin options market. Over the past 24 hours, large-scale bearish option transactions have jumped sharply, accounting for more than $1.15 billion, or 28% of total market transactions. These trades are concentrated in shallow out-of-the-money put options for this week and month, particularly active between the $10,400 to $10,800 price range. The overall skewness has also become more negatively biased, mirroring a heightened level of fear among major market players, such as market makers, about potential market downturns. This negative skew is reminiscent of the panic witnessed after the market crash on November 11th. Consequently, purchasing put options as a defensive measure could be prudent following these market trends.