GreeksLive indicates that as BTC drops below $70k, market bearish sentiment heats up, with significant open interest increases in put options near strike prices of $68k, $65k, and $60k. Since last night, total options trading volume has increased by approximately 50%, with continued growth in large-scale put option trades. Short-term implied volatility (IV) has risen sharply, and the skew has turned negative, indicating that the market's pricing of downside risk and hedging demand has strengthened.