Bitcoin Options Turn Bearish as Put Block Trades Hit One-Third of Volume

The notable signal is not the correction itself but the options market's muted reaction to it: put block demand spiking while implied volatility stays near 35% suggests participants are hedging rather than bracing for a sharp move. That combination — heavy downside positioning with little volatility priced in — points to expectations of a contained, possibly temporary drawdown rather than a regime change. The open question is whether IV stays this subdued if spot weakness persists, since a volatility repricing would say more about conviction than the block flow alone.