GreeksLive indicates that as BTC drops below $70k, market bearish sentiment is intensifying, with significant increases in put options near strike prices of $68k, $65k, and $60k. Since last night, total option trading volume has increased by approximately 50%, with continuous growth in large-volume put options trading, a notable rise in short-term implied volatility (IV), and the skew turning negative, showing that the market's pricing of downside risk and hedging demand have strengthened. For put options that have already entered the in-the-money state, GreeksLive points out that due to low liquidity in short-term in-the-money options, directly closing the position may face significant slippage; it is advisable to hedge delta risk through futures first and hold until expiration.