In plain English, puts are relatively pricier than calls, but the relatively richness is barely even noticeable compared to the typical reading of around -4.41 over the past year or so. In other words, puts usually cost a lot more than they do now.

The takeway, therefore, is that bitcoin traders are chasing puts they are not yet positioning for a crash or deep sell-off.

For ether, calls are still more expensive than puts, but the premium has narrowed from a week ago, suggesting that bullish sentiment has cooled.

10x Research also noted an uptick in demand for puts.

“Put demand has jumped over the past few days. The question is whether that is a short-term hedge or the start of a regime shift,” it said on X.

On bitcoin, they still see…