Bitcoin's price has dropped below the $100,000 mark, leading to increased activity in the BTC options market as traders seek to hedge against further losses. According to Glassnode, there has been a notable accumulation of put options, reflecting a bearish sentiment. The ATM implied volatility for the 1-week period has climbed to 51%, while the 25-delta skew indicates strong bearish sentiment with 1-week and 1-month skews at 12.4% and 10%, respectively. Recent data shows that 38.8% of trades in the past 24 hours were put buys, with traders particularly interested in $95,000 puts, despite Bitcoin trading above this level. As of the latest report, Bitcoin was priced at $96,311, marking a 3.86% decline over the last 24 hours.