Core Insights - The article highlights a growing bearish sentiment in the Bitcoin market, indicated by a significant increase in the delta skew of Bitcoin options, which has surpassed 10% [1][3] - There is a notable influx of Bitcoin from miners to exchanges, with approximately 51,000 Bitcoins transferred to Binance since October 9, suggesting potential selling pressure [1][8] Group 1: Market Sentiment - The delta skew indicator for Bitcoin options has risen above 10%, reflecting a willingness among traders to pay a premium for put options to hedge against price declines [3][5] - The trading volume of put options has exceeded that of call options by 50% on Deribit, marking the highest level in over 30 days, indicating increased demand for downside protection [5][6] Group 2: Miner Activity - Miners have transferred 51,000 Bitcoins to Binance, valued at over $5.7 billion, with a significant portion occurring shortly after a major market downturn [8][10] - Historical patterns suggest that when miners begin to sell, it often leads to negative outcomes for the market, indicating a shift from holding to selling behavior [11][12][13]