Bitcoin options markets showed a clear put skew ahead of the September 15-16 FOMC meeting, with the 25-delta put skew running about 1.44 percentage points above comparable calls for the September 25 expiry. With Bitcoin trading near $80,000 and the DVOL index on Deribit at 38.9% for near-term contracts on September 16, sentiment was cautious but not in panic mode. Open interest remained bullish at 61% calls versus 39% puts, indicating that elevated put premiums reflected event-driven hedging rather than structural bearishness. This setup creates asymmetry where downside moves would be faster and steeper than equivalent upside moves around the event.
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