Bitcoin's options market has seen a spike in demand for put options, indicating growing fear of a price decline among traders. According to data from Amberdata, the seven-day call-put skew, which measures the ratio of call to put options contracts, has hit its highest level since September. This suggests that the implied volatility premium for put options, which profit from price drops, is now higher than for call options, which bet on price increases. The increase in put purchases suggests that traders are seeking downside protection amid concerns about a potential price correction.

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