Put is trading rapidly, and more than one-third of today’s block trades are bearish options, mainly 60K-63K Put contracts expiring by the end of this month, as market risk-aversion sentiment heats up.

Over the past two days, U.S. stocks have seen wider price swings. As accumulated market risk is being unwound, crypto has also been affected, with a certain degree of pullback. At present, the market is concerned about downside moves syncing across multiple markets. With quarterly settlement approaching, and low volatility persisting for a long time, BTC is very likely to see a sudden move.