Bitcoin's options market is displaying increased defensive sentiment as traders seek downside protection, according to Glassnode data. Open interest in BTC options has surged from 255,000 BTC on December 26 to 452,000 BTC, approaching levels last seen at the end of Q4 2025. Implied volatilities for one-month and three-month options have risen by about 10 points, suggesting expectations of significant price movements. The put skew has increased from 6% to 18% over the past month, indicating a higher demand for protective puts. Despite this, the market's liquidity structure is balancing out. Following Bitcoin's drop from $82,000, put buying was prevalent, but recent call activity has reduced the put/call ratio to 0.7, stabilizing short-term positions. However, short-term implied volatility remains below realized volatility, reflecting ongoing market uncertainty.