The option data reflects the short-term panic orders

Bitcoin fell below the $40,000 as short-term IVs recovered. Overall VRP(volatility risk premium) has risen, and the Skew curve is skewed towards put options.
The above option data reflects the existence of a certain number of short-term panic orders in the market, the market bearish force has increased, but on the whole the long and short are relatively balanced, and it is still a fierce game.