Even though Bitcoin is recovering from its lows, the panic premium still remains in the options market.

Even during a market recovery, it seems that investors' anxiety hasn't completely disappeared.
Conversely, I think this kind of period is especially important for reading market sentiment.
By looking not only at price movements but also at options market pricing, you can see what actual market participants are thinking.
Some see it as a buying opportunity at the bottom, while many others are cautious, fearing there’s still more downside.