The crypto options market is flashing warning signs for Ether (ETH). For the first time in months, traders are paying significantly more to hedge against downside in ETH than in Bitcoin (BTC).

🔻 Key Insight: ETH put options now carry a 2–7% premium over calls — a clear sign that traders expect potential declines. In contrast, BTC put premiums are far lower, just 1–2.5%.

📊 Data from Deribit and Amberdata shows this bearish tilt has intensified even after ETH's 48% July rally — a surge that outpaced BTC’s modest 8% gain. But with momentum fading and adoption concerns rising, the optimism around ETH may be cooling off fast.

💬 Bottom line: Risk reversals don’t lie. The options market is betting on more pain ahead for Ether.