Put options are being traded rapidly, with over one-third of large-volume put options traded today, mainly focusing on 60K-63K Puts expiring at the end of this month. Market risk-aversion sentiment is heating up. The volatility in U.S. stocks has increased over the past two days, releasing accumulated market risks, which has also impacted crypto, leading to a certain degree of pullback. Currently, the market is concerned about multi-market correlated declines. With the quarterly settlement approaching and prolonged low volatility, BTC is likely to experience a breakout move.