Recent data from the Bitcoin options market suggests a shift towards bearish sentiment driven by institutional investors. Short-dated put options have seen a notable surge, indicating a strategic preparation for potential downturns and increased risk aversion among these large players. This trend is driving heightened volatility across the crypto market, with major liquidations impacting over-leveraged traders. The current activity is concentrated in specific strike prices between $104,000 to $108,000, primarily driven by institutional investors rather than retail traders. Market makers and experienced professionals are orchestrating these moves, targeting significant put options contracts. The immediate effects include increased liquidations, impacting heavily leveraged Bitcoin holders. Historical data shows a correlation between increased bearish options and subsequent market downturns. Notably, similar activity in September 2025 preceded a significant price drop on October 11th.