The decline in the bitcoin options put/call ratio suggests that crypto investors are less worried than they were in June as U.S. lawmakers clashed over raising the country’s debt ceiling, said Mark Connors, head of research for digital asset manager 3iQ. With equity and debt markets wondering how much the U.S. Treasury’s renewed debt issuance will impact liquidity and thereby market prices, digital assets are taking matters into their own hands.
As Asia begins its trading day, bitcoin is up 0.1% to $27,109, while Ether is down slightly to $1,890. BitBull Capital’s Joe DiPasquale predicts a pre-FOMC market correction, underlining digital assets’ resilience amid US regulatory and debt challenges.
Derivatives data shows a recent reduction in a metric that is prone to rise when bearish sentiment increases. The bitcoin options put/call ratio across exchanges is currently 0.47, down from 1.34 to begin in June. This indicates that fewer traders are looking to purchase downside protection against future price declines.
The impressive performance of digital assets in the face of a hostile regulatory environment in the U.S. is thanks to a market that continues to be concerned about the unprecedented debt issuance within the U.S. Ethereum’s post-merge performance, including an unexpected non-impact of staking ‘unlock,’ increased staking demand, and realized deflationary promise with over 250k ETH ‘burned,’ is garnering market attention.