Bitcoin options put/call open interest ratio falls to 0.52, signaling growing bullish conviction

Bitcoin’s options market is flashing one of its clearest bullish signals in months. The put/call open interest ratio has dropped to 0.52, according to Glassnode data, a steep fall from the 0.76 reading observed in late June. In English: for every put option (a bet that price will fall), there are now roughly two call options (bets that price will rise). Traders are ditching their insurance policies and loading up on upside exposure instead. What the ratio actually tells us The put/call open interest ratio simply divides the total number of outstanding put contracts by the total number of outstanding call contracts. A ratio below 1.0 means calls outnumber puts. The lower the number goes, the more lopsided the bullish positioning becomes. The decline didn’t happen overnight, either. In mid-July, the ratio was sitting around 0.56 to 0.59, which at the time already represented a six-month low. The continued slide to 0.52 confirms this isn’t a one-day blip but a sustained trend of bearish unwind. Bitcoin’s price has been stabilizing near $67K during this period. The mechanics of the unwind When traders let put options expire or actively close out bearish positions, it reduces the hedgin...