Bitcoin Options Market Sentiment Improves: Bullish Positions Dominate, but Long-Term Hedging Demand Remains

Odaily News Glassnode posted on X that the Bitcoin options market has recently released a moderately positive signal, with data showing that market volatility expectations are recovering, short-term panic is easing, and bullish options positions continue to dominate.

Data shows that BTC options implied volatility (IV) is currently about 10% higher than realized volatility (RV), ending the previous weeks-long period where realized volatility consistently exceeded implied volatility. This indicates that the market has begun to pay a premium for future uncertainty again. However, current volatility levels have not yet reached an extreme tension state.

In terms of options skew, hedging demand for short-term options has clearly declined, with the 1-week 25-delta skew dropping to approximately 7%. However, skew for longer-dated options remains in the 10%-12% range, suggesting investors are still protecting against medium-to-long-term downside risks.

Regarding positioning, Bitcoin options open interest remains distinctly skewed toward call options. Currently, the open interest value of call options stands at approximately $15 billion, higher than put options at roughly $10 billion. After adjusting for recent expirations, bullish positioning still maintains an advantage.

In terms of capital flows, options trading is mainly concentrated in the $61,000 to $67,000 range, with buying of $65,000 call options being relatively active, accompanied by put option selling, indicating that short-term market trading sentiment is improving.

The analysis says the current BTC options market reflects a pattern of "cautious optimism": short-term panic is receding, bullish allocation still dominates, but long-term hedging demand persists, and investors have not fully abandoned risk protection.