Quick Take
- Demand for downside protection on Bitcoin is growing, according to Swissblock.
- The put-to-call ratio is signaling that investors are hedging to the downside.
- Swissblock reiterates that the uncertainty is getting louder due to many macro factors, such as the debt ceiling drama continuing, China data being bearish, and a potential for more rate hikes.
- In addition, the Bitcoin Options Volume Put/Call Ratio shows the put volume divided by call volume traded in options contracts in the last 24 hours is also going to highs for this year, currently at 1.34, with the high occurring at 1.48 during the SVB collapse.
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