Put options are dominating the cryptocurrency market, with Greeks.live reporting that large-scale Bitcoin put options trading surpassed $1 billion today, representing 37% of the market. The majority of these options are out-of-the-money, with strike prices between $60,000 and $65,000. The primary focus is on medium-term options set to mature next month and in March, reflecting a bearish sentiment among institutions regarding Bitcoin's medium- to long-term outlook. This trend suggests a stronger expectation of price declines within the next one to two months.