Bitcoin, Ethereum, and major alternative cryptocurrencies are experiencing declines in current market rates. As of the latest update, Bitcoin is hovering around the $60,000 mark, struggling to recover from significant losses suffered on June 24, when prices dipped below $50,000.

Despite the downturn, there are notable developments. According to Kaiko, a crypto analytics platform, traders are optimistic about future prospects. The put-to-call ratio for both Bitcoin and Ethereum has decreased in June following a brief increase in May.

The put-call ratio is a critical metric used to assess market sentiment by dividing the total trading volume of put options (which bet on price declines) by that of call options (which bet on price increases). In April, Kaiko data shows that Bitcoin's put-call ratio rose from 0.2 to over 1 in May, indicating increased bearish sentiment anticipating further price declines. However, by early June, this ratio retreated to around 0.5 as Bitcoin recovered from its lows but failed to sustain above $72,000, subsequently dropping back to around $58,500 this week.

Meanwhile, Ethereum's put-call ratio has also been declining recently, influenced by the excitement surrounding the launch of spot Ethereum exchange-traded funds (ETFs) in the United States. This decrease suggests a reduction in bearish bets on ETH, although short-term caution persists as Ethereum trades below $3,700, despite performing relatively better than Bitcoin.

For Ethereum to regain bullish momentum convincingly, it would need to surpass the $3,700 threshold. The approval and launch of spot Ethereum ETFs could potentially provide the necessary support for such an upward push, offering regulatory clarity and endorsement for the second most valuable cryptocurrency.