The put/call open interest ratio for Bitcoin options has dropped to 0.52 according to Glassnode data, down from 0.76 in late June. This level indicates approximately two call options for every put option. Bitcoin’s price has stabilized around $67,000 during this period. The sustained decline since mid-July, when the ratio was around 0.56 to 0.59, signals a durable shift away from defensive positioning. Market makers selling calls must buy Bitcoin to hedge their exposure, creating mechanical buying pressure.
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