📉 Bitcoin Options Market: Short-Term Bearish Hedging Is Rapidly Unwinding

Glassnode data shows that the BTC options put/call open interest ratio has fallen from 0.76 at the end of June to 0.52, indicating that defensive positions are being unwound. The BTC price is holding steady around 67k. ATM implied volatility is compressing: 1-period is 34.3%, 6 months is 40.8%. The term structure is upward sloping—suggesting the market is underpricing short-term event risk.
Short-term 25-delta skew has retreated to about 4%, and demand for put hedges has clearly weakened; however, the medium- to long-term skew remains at a defensive premium level of 11-12%.
This means the market believes the probability of major downside risk occurring within the next week is low, but tail risks over the medium to long term (such as the U.S. election and regulatory changes) have not been completely eliminated. The current equilibrium around 67k is a balance point between short-term optimism and medium- to long-term caution.
If BTC breaks above 67k in the coming days and holds, short-term skew could fall further, and the options market will increasingly favor bullish positioning. Conversely, if it breaks below key support, skew could quickly rebound.
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