VanEck Digital Asset Research Director Matthew Sigel wrote that the "Protection Demand" (Put/Call Skew) in the Bitcoin derivatives market has reached the 99th percentile historically. From a contrarian investment perspective, such extreme defensive sentiment usually signals an approaching market bottom and subsequent rally. At the same time, he expressed concern about companies in the S&P 500 that are focused on massive AI capital expenditures (Capex) but have failed to generate corresponding returns, believing this could become a potential drag on the overall market.