Bitcoin options traders have shifted their focus from bullish $140,000 call options to bearish $80,000 put options, reflecting a growing bearish sentiment in the market. Open interest in the $140,000 call options has decreased to $1.63 billion, while the $85,000 put options now lead with $2.05 billion in open interest. This change comes as Bitcoin's price has dropped over 25% since October 8. Deribit's Chief Commercial Officer reported increased trading volumes in short-dated puts and a significant put skew, indicating heightened concerns about further price declines. Additionally, the 30-day skew on Derive.xyz has fallen to -5.3%, suggesting traders are paying more for downside protection. Dr. Sean Dawson from Derive.xyz noted a concentration of BTC puts around the December 26 expiry, particularly at the $80K strike, underscoring the market's bearish outlook.