Bitcoin Options Surge Amidst Market Fear: Put Premiums Soar and Bearish Sentiment Grows

The Bitcoin market is gripped by fear ahead of the June options expiry, with put options now dominating over 60% of option volume. This surge in bearish sentiment signals a return to levels last witnessed during the turbulent 2023 bear market. The recent Friday expiry alone saw $2.2 billion worth of BTC options expire, contributing significantly to price volatility. The ratio of put/call options reached an alarming 1.24, reflecting a significant shift towards bearish expectations.