Glassnode
Bitcoin's options open-interest put/call ratio has dropped to about 0.52 across exchanges from roughly 0.76 in late June. A ratio below 1.0 means call open interest exceeds put open interest, indicating that defensive positioning has eased as BTC stabilizes near $67K.
At-the-money implied volatility remains compressed. The 1-week tenor stands at 34.3%, compared with 40.8% for 6-month options, leaving the volatility curve upward sloping.
Why it matters
The falling ratio shows calls gaining share relative to puts, but it does not by itself establish an outright bullish market view. Options can serve multiple strategies, and open interest measures outstanding positioning rather than completed trades or price direction.
The term structure adds context. Lower short-dated volatility indicates that traders are assigning less premium to immediate price swings, while the higher 6-month reading preserves compensation for uncertainty further out.
Market impact
The 25-delta skew reinforces that split. The 1-week skew has fallen near 4%, while 3-month to 6-month readings remain around 11% to 12%. Near-term downside hedging is unwinding faster than protection at longer maturities.
Taken together, the metrics show a less defensive front end rather than the disappearance of caution. BTC options traders are carrying more call exposure and paying less for immediate protection, while longer-dated contracts retain a defensive premium.
Source: [Title: BTC Options Open Interest Put/Call Ratio All Exchanges - Glassnode](https://studio.glassnode.com/charts/derivatives.OptionsOpenInterestPutCallRatio?a=BTC&e=aggregated&mScl=lin&pScl=lin&resolution=24h&s=1721820709&u=1784892709)
Frequently asked questions
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What does a 0.52 BTC options put/call ratio mean?
It means put open interest is about 52% of call open interest across the measured exchanges. Because the ratio is below 1.0, calls currently exceed puts.
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Why is the decline from 0.76 significant?
The drop indicates that calls have gained share relative to puts since late June. It is consistent with an unwind in defensive options positioning as BTC stabilizes near $67K.
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What does the upward-sloping volatility curve show?
One-week at-the-money implied volatility is 34.3%, compared with 40.8% at 6 months. The curve prices less immediate event risk while preserving a premium for longer-term uncertainty.
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How does 25-delta skew reflect demand for protection?
The 1-week skew has fallen near 4%, while 3-month to 6-month readings remain around 11% to 12%. This shows near-term downside hedging easing faster than longer-dated protection.
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Does the options data establish a bullish BTC outlook?
No. The figures show less defensive short-term positioning, but open interest can reflect multiple strategies and does not by itself determine future BTC price direction.
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