According to @business, First Brands won access to the remaining $600 million in bankruptcy financing, which company lawyers said was necessary to prevent an immediate shutdown, source: Bloomberg. The financing access provides near-term liquidity to keep operations running during its bankruptcy process, thereby reducing the immediate shutdown risk identified by counsel, source: Bloomberg. For trading desks, the key takeaway is that near-term operational continuity risk is lowered, and the report did not cite any direct crypto market impact, source: Bloomberg.

According to Greeks.live, BTC experienced a significant number of put option block trades today, with a notional value of $600 million, representing a quarter of the total options market. Notably, two put calendar spreads alone accounted for $110 million. This influx of put options indicates a weakening market and declining trader confidence, as evidenced by the short-term skew approaching zero.