Also, your chart only goes back to the GFC and the start of the massive QE and one long rally.

Source: https://seekingalpha.com/article/4615972-investor-outlook-the-puts-to-calls-ratio?source=feed_all_articles

I doubt if history will be kind to QE.

Source: https://www.theage.com.au/business/the-economy/how-philip-lowe-was-caught-on-the-cusp-of-history-20230910-p5e3fm.html?ref=rss&utm_medium=rss&utm_source=rss_business

One of the most common of these historically has been quantitative easing (QE), among others, which can increase or decrease the value of the pound.

Source: https://www.forexlive.com/centralbank/boe-made-a-profit-of-about-38-billion-from-emergency-bond-purchases-it-made-last-year-20230117/

Some blame for this fiasco goes to the federal government and the Federal Reserve for running multi-trillion-dollar deficits and QE post-Covid.

Source: https://dailyreckoning.com/anatomy-of-a-bank-collapse/

The Queen Elizabeth Sixth Form College (QE) student achieved A grades in A Level History and Law, as well as a Distinction * in Level 3 Extended Certificate in Sport and Leisure.

Source: https://www.newtonnews.co.uk/a-level-success-for-water-polo-star-with-scholarship-to-durham-university/

“The SVB rescue package is essentially a new form of quantitative easing (QE),” says Nigel Green, referring to the bond-buying programme used by governments around the world to stabilise the financial system after the 2008 crash and later the pandemic.

Source: https://theheraldghana.com/is-the-silicon-valley-bank-crisis-a-major-springboard-event-for-bitcoin/