Bearish hedging demand weakens as Bitcoin options defensive positions are being unwound

Odaily reports that according to glassnode's Bitcoin options market data, the Bitcoin options put/call ratio has fallen from approximately 0.76 at the end of June to 0.52, indicating that defensive positions are being unwound, while the Bitcoin price has stabilized around $67,000. ATM implied volatility remains compressed, with the 1-week tenor at 34.3% and the 6-month tenor at 40.8%, resulting in an upward-sloping term structure. Short-term 25-delta skew has dropped back to around 4%, reflecting a recent weakening of bearish hedging demand, but medium-to-long-term skew still maintains a defensive premium level of 11% to 12%.