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The %Bitcoin ($BTC ) options market is flashing signs of weakness for the first time since early March as the June 1 deadline to raise the U.S. debt ceiling draws near.

The six-month call-put ratio, which measures the difference between what investors are willing to pay for bullish calls and bearish puts on Bitcoin has declined to -1, the lowest level since March 13, according to data from crypto options exchange %Deribit.

Puts are essentially bets that an asset such as Bitcoin will decline in value moving forward. Right now, a majority of traders are betting that the price of Bitcoin will decrease in the coming six months.

The bets against Bitcoin come as traders also turn negative on the outlook for the benchmark S&P 500 stock index as the likelihood that the U.S. defaults on its debt obligations grows.

Traders in crypto and equity markets are hedging against U.S. debt ceiling risks as lawmakers in Congress struggle to raise the $31.4 trillion U.S. borrowing limit with less than a week until the federal government literally runs out of money to pay its debts and bills.

The escalating uncertainty over debt ceiling negotiations has also hit the bond market, where the one-month yield has risen to a record high above 6%.

The price of Bitcoin has been trending lower in recent trading sessions.

Bitcoin is currently changing hands at $26,350 U.S., up 58% on the year but down 13% from a peak of $30,379 U.S. reached in mid-April.

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