Bitcoin's options market is showing increased bearish sentiment as traders seek protection against potential price declines. The 30-day options delta skew on Deribit has climbed above 10%, indicating a premium for put options, a typical sign of market caution. This shift comes as Bitcoin's price hovers near $108,000, following a drop to $107,600, raising concerns about the sustainability of the recent bull run. The demand for put options has surged, with trading volumes exceeding call options by 50% on Deribit, highlighting growing market stress. This trend is compounded by external factors such as ongoing US-China trade tensions and economic uncertainties due to a government shutdown. Additionally, Bitcoin miners have deposited 51,000 BTC on exchanges in the past week, the largest outflow since July, further pressuring the market. Despite these bearish signals, analysts at Bitwise suggest that extreme drops in sentiment could present a contrarian buying opportunity. They argue that the recent correction is largely driven by external factors, and while further downside is possible, it may not indicate sustained bearish momentum.