U.S. Federal Reserve (Fed) policy and macroeconomic factors are no longer the focal points for crypto traders. That's the message from the derivatives market, which shows no signs of a let-up in demand for puts, or bearish bets, tied to bitcoin and ether in the wake of the dovish Fed minutes released Wednesday. The persistent put bias indicates the market is squarely focused on contagion sparked by the downfall of Sam Bankman-Fried's FTX, formerly the world's third-biggest crypto trading platform, and is unlikely to find a bottom solely on the back of improving macro conditions. "Crypto is still very much-event risk ... (full story)