glassnode: Bitcoin Option Defensive Positioning Unwinding, Put Hedging Demand Easing
BlockBeats News, July 24th, glassnode released Bitcoin options market data indicating that the Bitcoin put/call ratio dropped significantly from around 0.76 at the end of June to 0.52, suggesting a unwinding of defensive positions, while the BTC price remained stable around $67,000.
ATM (BlockBeats Note: At-The-Money refers to options with a strike price closest to the current underlying asset price.) implied volatility remains in a compressed state, with a 34.3% reading for 1 week maturity and 40.8% for 6 months, showing an upward sloping term structure, indicating that short-term event risks are being underestimated by the market.
Short-term 25-delta skew sharply fell to around 4%, reflecting reduced demand for downside hedges in the near term, but medium to long-term skew still holds at a defensive premium level of 11-12%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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