Glassnode: Bitcoin options Put/Call ratio drops to 0.59, the lowest in half a year, as traders massively shift toward bullish bets

Renowned on-chain data provider Glassnode’s latest analysis shows that Bitcoin (BTC) options’ put/call ratio has fallen to 0.59, hitting a new six-month low. This data suggests the market is seeing a constructive shift in sentiment: traders are starting to reduce downside hedging and are actively building bullish upside exposure.
(Background: Legendary trader Peter Brandt: Bitcoin could drop to $40k, with a real bottom only seen in October 2026)
(Additional context: Record-breaking! Coinbase’s Bitcoin premium index has been negative for 60 straight days, with US institutional buying cooling off)

As Bitcoin (BTC) prices have recently gradually stabilized, the derivatives market is quietly building strong bullish momentum. On July 17, 2026, Taipei time, blockchain data analytics firm Glassnode published its latest analysis on Bitcoin options markets on the social platform X (formerly Twitter), revealing a major shift in traders’ open positions.

$BTC ’s options put/call ratio has fallen to a six-month low near 0.59, signalling a decisive shift toward call-heavy positioning. As price stabilises around $64K, traders appear to be reducing downside hedges and rebuilding upside exposure, a constructive shift in sentiment.… pic.twitter.com/fVkBYaCiLj

— glassnode (@glassnode) July 17, 2026

Put/Call ratio hits a six-month low as bullish sentiment returns

According to the data chart Glassnode released, Bitcoin options’ put/call ratio has dropped significantly, hovering near the 0.59 threshold and officially setting a new six-month low.

In the options market, a decline in this ratio is often viewed as a strong signal of a return of the bulls. Glassnode’s analysis notes that this data change indicates a decisive shift in the market, with traders’ positioning clearly tilting toward calls. This means that as Bitcoin holds the $64k range, market participants are actively reducing downside hedging protection and rebuilding exposure to potential price gains (upside exposure), resulting in an overall constructive shift in sentiment.

Fear premium fades—watch the negative Gamma zone above

In addition to the optimistic signal from the put/call ratio, Glassnode also added other key market dynamics in the thread. The data shows that Bitcoin options’ implied volatility (Implied Volatility) has fallen markedly from the prior 48 to 40, indicating the market is unwinding part of the fear premium, though it remains above May’s low. The cooling in volatility is relatively favorable for bulls.

However, investors should still stay alert to potential price swings. Glassnode warns that even though Bitcoin is currently ranging near $63,000 to $64,000, there is a dense negative Gamma zone in the $68,000 to $70,000 range above. If price approaches that resistance area, it could trigger hedging actions from market makers and amplify market volatility.