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

Odaily Planet Daily News Glassnode posted on X platform, stating that the Bitcoin options market has recently released a somewhat positive signal. Data shows that market volatility expectations are recovering, short-term panic sentiment 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 is once again paying a premium for future uncertainty. However, current volatility levels have not yet reached an extreme state of tension.

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

In terms of positioning, Bitcoin options open interest remains clearly skewed toward call options. Currently, the open interest value of call options is approximately $15 billion, higher than put options at approximately $10 billion. After recent expiry adjustments, bullish positions still hold the advantage.

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

The analysis indicates that the current BTC options market reflects a "cautiously optimistic" landscape: short-term panic is fading, bullish positioning still holds the advantage, but long-term hedging demand remains, and investors have not fully abandoned risk protection.