ChainCatcher report: Glassnode’s Bitcoin options market data shows that the put/call open interest ratio for Bitcoin has dropped significantly from around 0.76 at the end of June to 0.52, indicating a reduction in defensive positions, while BTC price remains stable near $67,000. ATM (At-The-Money—options whose strike price is closest to the current underlying asset price) implied volatility remains compressed, at 34.3% for one-week and 40.8% for six-month maturities, with an upward-sloping term structure suggesting that short-term event risks are being underestimated by the market. Short-term 25-delta skew has sharply declined to approximately 4%, reflecting reduced near-term put hedging demand, while medium- to long-term skew remains elevated at a defensive premium level of 11–12%.
Bitcoin options defensive positions are unwinding, and demand for put hedges is weakening.
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Summary
Bitcoin options trading shows reduced defensive positioning, with the put/call ratio declining from 0.76 in late June to 0.52 as BTC stabilizes near $67,000. ATM implied volatility remains low at 34.3% for one week and 40.8% for six months. The short-term 25-delta skew has fallen to 4%, indicating weaker demand for put hedges in options strategies, while medium- to long-term skew remains steady at 11–12%.
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