Bearish hedging demand declines, Bitcoin options defensive positions being unwound

Odaily reports that according to glassnode data on the Bitcoin options market, the Bitcoin options put/call open interest ratio has fallen from around 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 retreated to around 4%, reflecting a decline in bearish hedging demand recently, but medium to long-term skew still maintains a defensive premium level of 11% to 12%.