Facebook is feeling the heat.

Shares of the social media giant slid nearly 2 percent Wednesday afternoon, adding to its more than 25 percent fall just this year as increasing regulatory and data privacy concerns weigh on the stock. According to "Options Action" trader Mike Khouw, the options market is betting the sell-off is far from over.

"There hasn't really been a turnaround in sentiment," Khouw said Tuesday on CNBC's "Fast Money." "The options market [doesn't] really see a bounce back for Facebook coming anytime soon."

On Tuesday, Khouw highlighted a buyer of 1,000 June 105 put options paying $3.22 per contract. This implies shares of Facebook fall below $101.78, or down another 23 percent, by June expiration.

"We have seen implied volatility hold up in this name," Khouw explained. "So that would be a bet that the weakness in Facebook could continue and it could be sharply lower in about 6 months' time."

Shares of Facebook fell to a fresh 52-week low of $126.85 last Tuesday and is now down more than 39 percent from its all-time closing high of $412.50 back in July.

Facebook was trading lower on Wednesday afternoon, around $132.56.