The Trump Put trade is losing steam. As political capital continues to drain, the hedging pressure that once drove demand for these options has cooled significantly. Traders who positioned themselves around political risk premiums are now reassessing their exposure as the initial market excitement fades. The options volume has visibly tapered, signaling a shift in market sentiment and risk appetite. This pullback could reshape how participants price political-related volatility in crypto markets going forward—a reminder that even unconventional trades eventually face reversion when the underlying narrative loses momentum.