Bitcoin options sentiment is turning more constructive, according to data cited by Glassnode. As BTC prices recovered, the DVOL implied volatility index fell from 48 to 40, suggesting that part of the fear premium built up in June has started to fade. Volatility, however, remains above the lows seen in May, indicating that uncertainty in the market has eased but has not disappeared.
At the same time, BTC options open interest put/call ratio dropped to about 0.59, its lowest level in six months. The shift points to traders cutting downside hedges and rebuilding bullish exposure. Glassnode said the change reflects a constructive improvement in sentiment across the options market.
Positioning data also shows BTC hovering around $63,000, still below the dense negative gamma zone in the $68,000 to $70,000 range. If the price moves into that band, it could trigger stronger procyclical market-maker hedging flows and amplify volatility.
Bitcoin options sentiment is becoming more constructive, according to Glassnode data cited by ChainCatcher.
As prices recovered, BTC’s DVOL implied volatility index fell from 48 to 40. That suggests part of the fear premium built up in June has started to unwind. Even so, volatility remains above the lows seen in May, a sign that uncertainty has eased but has not fully cleared.
At the same time, the BTC options open interest put/call ratio fell to about 0.59, the lowest level in six months. The move shows traders are scaling back downside hedges and rebuilding bullish exposure. Glassnode said the change reflects a constructive improvement in options market sentiment.
In terms of positioning, BTC is hovering around $63,000 and remains below the dense negative gamma zone between $68,000 and $70,000. If price moves further into that range, it could trigger stronger procyclical market-maker hedging activity and amplify market volatility.
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