Bitcoin Holds $110K, But Traders Just Bet $1.15B on Crash to $104K

Group 1 - Institutional traders have bet over $1.15 billion on downside protection in the past 24 hours, with put options making up 28% of total market transactions while Bitcoin remains above $110,000 [1] - The options market shows a high degree of panic among large players, with market skew turning deeply negative, comparable to levels seen after the $19 billion liquidation crash on October 11 [2] - Total open interest across all Bitcoin derivatives is at $33.0 billion, with perpetual contracts at $30.9 billion and futures contracts at $2.2 billion, reflecting a 1.67% decline in open interest over 24 hours [3] Group 2 - A Bitcoin whale transferred 2,000 BTC, valued at approximately $222 million, into 51 new addresses, indicating a common practice among large holders for privacy rather than panic selling [4] - The ongoing liquidation primarily affects traders using high leverage on low-quality cryptocurrencies, with a warning that there is no safe leverage on coins that can potentially go to zero [5] - Significant short positions have been established, including a 3,440 BTC short worth approximately $392 million, with unrealized gains of $5.7 million, and other large traders building short positions across multiple cryptocurrencies [6]