Put options continue to dominate the market, with over $1 billion traded in BTC put options today, accounting for 37% of the total. Out-of-the-money options (60K to 65K) were the most prevalent. In terms of maturity, the majority were medium-term options with maturities of next month and three months, indicating that institutions hold a negative view on the medium- to long-term market, with a strong expectation of a bear market within one to two months.