看跌对冲需求减弱，比特币期权防御性仓位正在解除

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