Glassnode: Bitcoin Put/Call Ratio Falls to 0.52 as Defensive Positions Unwind

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Glassnode reports that Bitcoin’s put/call ratio fell to 0.52 on July 24, 2026, down from 0.76 at the end of June, as BTC stabilizes near $67,000. The shift suggests traders are closing defensive positions. ATM implied volatility stands at 34.3% for one week and 40.8% for six months, with a risk-to-reward ratio favoring short-term buyers. Short-term 25-delta skew dropped to 4%, while long-term investing remains supported by 11–12% skew levels.

BlockBeats news: On July 24, Glassnode released Bitcoin options market data showing that the Bitcoin put/call open interest ratio dropped significantly from around 0.76 at the end of June to 0.52, indicating that defensive positions are being unwound, while BTC price remains stable near $67,000.


Implied volatility for ATM options (BlockBeats Note: At-The-Money refers to options whose strike price is closest to the current price of the underlying asset) remains compressed, at 34.3% for a 1-week term and 40.8% for a 6-month term, with an upward-sloping term structure indicating that short-term event risks are underestimated by the market.


Short-term 25-delta skew has sharply declined to around 4%, reflecting reduced recent demand for put hedges, while medium- to long-term skew remains at a defensive risk premium level of 11–12%.

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