Bitcoin Options Market Flashes Bullish Signal as Put/Call Ratio Dips to 0.52

The Bitcoin options market is signaling growing bullish conviction as the put/call open interest ratio falls to 0.52, according to Glassnode data.

This represents a steep decline from the 0.76 reading observed in late June and a sustained trend of bearish unwind.

For every put option, there are now roughly two call options, indicating traders are ditching their insurance policies and loading up on upside exposure instead.

The ratio of calls to puts has been declining since mid-July, when it was around 0.56-0.59, a six-month low at the time.

This shift in dynamic is reducing hedging pressure on market makers, who are now less likely to sell Bitcoin as they hold fewer put options.

Meanwhile, the growing call open interest is increasing buying pressure through delta hedging, which could be providing a quiet tailwind for Bitcoin's price around $67K.