$SPX hit all-time highs, but the CBOE Put/Call ratio just hit a 2-year low.
This means traders are buying the least amount of protection in 2 years. Nobody is hedging.
📊 What is the Put/Call Ratio?
— Puts = bets the market goes down (protection)
— Calls = bets the market goes up
— Low ratio = extreme confidence, nobody expects a drop
📊 Why does this matter for $BTC ?
Historically when complacency peaks like this, risk assets including Bitcoin don't end well. When the $SPX corrects from these levels, $BTC feels it.
🔑 Key point:
It's not about when, it's about being aware. The setup is there. Who's buying protection right now? Nobody.
Something to watch out for.