ChainCatcher report: Glassnode’s analysis data posted on X shows that Bitcoin has recently been trading in a range between $65,000 and $73,000, yet the options market is exhibiting defensive characteristics. BTC open interest (OI) has risen from 255,000 BTC on December 26 to 452,000 BTC, nearing the high seen at the end of Q4 2025. One-month and three-month implied volatilities have increased by approximately 10 volatility points, indicating traders anticipate significant price movements ahead. Put skew has risen from 6% to 18% over the past month, highlighting increased willingness to pay for downside protection. However, the current market liquidity structure is becoming balanced: after Bitcoin’s decline from $82,000, put buying dominated; over the past two days, increased call activity has brought the put/call ratio down to 0.7, stabilizing short-term positions. Nevertheless, short-term implied volatility remains below realized volatility.
BTC options show increased defensive sentiment and demand for downside protection
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Summary
Bitcoin options trading activity indicates a shift toward defensive positioning, with open interest rising from 255,000 BTC to 452,000 BTC over one month. Implied volatility for 1- and 3-month options increased by 10 points, signaling heightened expected volatility. Put skew rose from 6% to 18%, reflecting stronger demand for downside protection. The put/call ratio has stabilized at 0.7 as bullish options strategies gain traction, though short-term volatility remains below realized levels.
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