Bitcoin's options market has seen a significant increase in put option trading volume, reaching over $11.5 billion in the past 24 hours, according to Greeks.live macro researcher Adam. This accounts for 28% of the total trading volume, with a focus on out-of-the-money put options for this week and month, particularly in the $10.4K to $10.8K price range. The market's skew has turned more negatively biased, indicating heightened fear of a potential price drop among large players, such as market makers. This sentiment mirrors the anxiety seen after the market crash on October 11. As a result, buying put options for defensive purposes is being considered a prudent strategy by some market participants.