Glassnode: Bitcoin Options Market Defensive Sentiment Cools, Short-Term Put Hedging Demand Retreats

TechFlow News, on July 24, Glassnode released Bitcoin options market data indicating that defensive sentiment in the Bitcoin options market is cooling down. The open interest put/call ratio has rapidly decreased from approximately 0.76 in late June to about 0.52, indicating a rise in the proportion of call option open interest. As Bitcoin price stabilizes near approximately $67,000, defensive positions have retreated somewhat.

Meanwhile, at-the-money implied volatility overall remains in a compressed state, with the 1-week tenor at approximately 34.3% and the 6-month tenor at approximately 40.8%. The term structure remains upward sloping, indicating that the market's pricing of short-term event risk has decreased, while still retaining a certain premium for medium-to-long-term uncertainty.

Additionally, the front end of the 25Delta skew has significantly fallen back, with the 1-week tenor dropping to about 4%, while the 3-month to 6-month tenor remains in the 11% to 12% range. This means short-term downside hedging demand is weakening, but medium-to-long-term options still retain a certain defensive premium.