According to ME News, on July 24 (UTC+8), Glassnode released data on the Bitcoin options market showing that the put/call open interest ratio for Bitcoin dropped from approximately 0.76 at the end of June to 0.52, indicating a reduction in defensive positions, while Bitcoin’s price stabilized around $67,000. ATM implied volatility remained compressed, at 34.3% for the one-week term and 40.8% for the six-month term, with an upward-sloping term structure. The short-term 25-delta skew retreated to around 4%, reflecting diminished near-term put hedging demand, while medium- to long-term skew remains elevated at a defensive premium of 11% to 12%. (Source: ODAILY)
Bitcoin options defensive positions are unwinding as the put/call ratio falls to 0.52
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Summary
Bitcoin options defensive positions are unwinding as the put/call open interest ratio declined to 0.52 on July 24, according to Glassnode data, down from 0.76 at the end of June. Bitcoin traded near $67,000, with at-the-money implied volatility at 34.3% for one week and 40.8% for six months. Short-term 25-delta skew fell to 4%, indicating reduced demand for put hedging in the options market. Medium- to long-term skew remains at a defensive premium of 11% to 12%. Traders are also monitoring altcoins amid shifting risk appetite.
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