VanEck: Bitcoin Put/Call Open Interest Ratio Averages 0.77, Highest Level Since June 2021

According to Odaily, Matthew Sigel, Head of Digital Assets Research at VanEck, posted stating that Bitcoin has entered consolidation after a significant decline, with the 30-day average price down 19%. However, spot prices have stabilized, realized volatility has decreased from 80 to 50, and futures funding rates have dropped from 4.1% to 2.7%. Defensive positioning in the options market has peaked, with the average put/call open interest ratio at 0.77, the highest level since June 2021. Put option premiums relative to spot trading volume reached a historical high of 4 basis points. On-chain activity and miner selling remain subdued, with transfer volume down 31%, daily transaction fees down 27%, long-term holder distribution slowing, and miners selling nearly all newly issued BTC.