Glassnode said the drop from about 0.76 in late June, alongside softer short-term skew and subdued implied volatility, points to investors unwinding hedges as BTC steadies near $67,000.
Defensive positioning in the Bitcoin options market appears to be easing, with Glassnode saying put/call open interest ratios fell to around 0.52 from about 0.76 in late June. The analytics firm also said at-the-money implied volatility remained compressed at 34.3% for one week and 40.8% for six months, suggesting traders are not pricing in large near-term swings even as Bitcoin holds near $67,000. Short-term 25-delta skew dropped to about 4%, indicating softer demand for downside protection, while longer-dated skew stayed at an 11%-12% defensive premium, showing caution has not fully disappeared further out on the curve.