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Data: Bitcoin options defensive positions are being unwound, and demand for put hedges is weakening

2026-07-24 12:24:43

Abstract generation in progress

Mars Finance news: Glassnode released Bitcoin options market data showing that the put/call open interest ratio for Bitcoin options fell sharply from about 0.76 at the end of June to 0.52, indicating that defensive positioning is being unwound, while the BTC price remains stable around 67,000. The implied volatility for ATM (At-The-Money, options with strike prices closest to the current underlying asset price) stays compressed: 34.3% for a 1-week tenor and 40.8% for a 6-month tenor. The term structure is upward sloping, suggesting that the market is underestimating short-term event risks. The short-term 25-delta skew has dropped sharply to about 4%, reflecting weaker demand for recent put hedging, but the medium-to-long-term skew still holds at a defensive premium level of 11–12%.

BTC-1.10%

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