The direction the price of bitcoin and other cryptocurrencies takes likely depends on whether the U.S. Federal Reserve takes a more hawkish approach to raising interest rates as it battles inflation, Imran Lakha, the founder of Options Insights, said Tuesday.

It wasn’t until downside volatility subsided that risk appetite came back to the market, he said. That, in turn, led to more purchases of bullish bets (calls) relative to bearish bets (puts) in the options markets. Call options are financial contracts that give the option buyer the right but not the obligation to buy, while puts give the right but not the obligation to sell.

“As we started to see the market could come alive again, and we started to see those big moves of 10%-plus to the upside, all those skews flipped around back towards calls, particularly on bitcoin,” Lakha said.

Now, he said interest in puts has more or less “evaporated after the market made that big bottom last year.”