Demand for Bitcoin Put Options Hedging Weakens, Open Interest Ratio Drops to 0.52

On July 24, Glassnode released data on the Bitcoin options market, showing that the put/call open interest ratio for Bitcoin options has decreased from 0.76 at the end of June to 0.52, indicating that defensive positions are being unwound, with BTC prices stabilizing around $67,000. The ATM implied volatility remains compressed, with a one-week term at 34.3% and six months at 40.8%, while the term structure is upward sloping, suggesting that the market is underestimating short-term event risks. The short-term 25-delta skew has sharply retreated to around 4%, reflecting a decrease in demand for put hedging, while the medium to long-term skew remains at a defensive premium level of 11-12%.

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