Bitcoin put options continue to dominate the market, with over $1 billion in large-scale trades today, accounting for 37% of the total. The majority of these options are out-of-the-money, with strike prices between $60,000 and $65,000. The options are primarily for medium-term expirations in the next month and March, indicating a bearish sentiment among institutions for the medium to long term, with strong expectations of a bear market in the next one to two months.