Bitcoin Options Turn Bullish as Put/Call Ratio Tumbles

The put/call ratio gauges demand for bearish puts relative to bullish calls, making it a closely watched measure of positioning in the Bitcoin options market. A decline generally points to less demand for downside protection and greater participation in upside exposure. With Bitcoin stabilizing near $67,000 after its June retreat, shifts in derivatives positioning matter because they show whether traders are moving beyond defensive hedges and rebuilding risk appetite.

Glassnode said on July 24 that Bitcoin’s put/call open-interest ratio had fallen to 0.52 from about 0.76 at the end of June. At-the-money implied volatility stood at 34.3% for one-week options and 40.8% for six-month contracts, while short-term 25-delta skew eased to about 4%. Medium- and longer-dated skew still carried an 11% to 12% defensive premium, suggesting near-term bearishness has faded faster than longer-term caution.