According to The Kobeissi Letter, the Nasdaq 100 has declined by over 1,000 points in a day, bringing it within 2% of entering a bear market. This significant downturn may influence traders to reassess their positions and consider defensive strategies, as continued declines could indicate further market weakening.

According to Greeks.live, BTC experienced a significant number of put option block trades today, with a notional value of $600 million, representing a quarter of the total options market. Notably, two put calendar spreads alone accounted for $110 million. This influx of put options indicates a weakening market and declining trader confidence, as evidenced by the short-term skew approaching zero.