Bearish hedging demand weakens, defensive positions in Bitcoin options are being unwound

Odaily Planet Daily News: glassnode released data on the Bitcoin options market, pointing out that the Bitcoin options put/call open interest ratio has dropped 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 near $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 fallen back to around 4%, reflecting a recent decrease in bearish hedging demand. However, medium to long-term skew remains at a defensive premium level of 11% to 12%.