According to @GreeksLive, more than $1.15 billion, or about 28% of total BTC options volume in the past 24 hours, flowed into shallow out-of-the-money puts expiring this week and this month, with strikes concentrated in the 10,400–10,800 range (@GreeksLive). According to @GreeksLive, options skew has turned more negative, especially in the short term, with the magnitude of the shift comparable to readings observed on the 11th (@GreeksLive). According to @GreeksLive, this positioning indicates that large liquidity providers and market makers are pricing in substantial downside risk, with sentiment nearing levels seen after the broader market drop on the 11th (@GreeksLive). According to @GreeksLive, aligning with large-player positioning, buying put options as a hedge currently appears the more prudent strategy (@GreeksLive).

According to Greeks.live, legendary trader Hao emphasizes that implied skew in options markets holds significant predictive power. Implied skew refers to the difference in implied volatility (IV) between out-of-the-money (OTM) puts and calls. This metric provides valuable insights into market sentiment and potential price direction. Specifically, if the IV is higher for OTM puts, it suggests a bearish sentiment among traders.