glassnode: BTC options market sentiment turns positive, Put/Call ratio drops to a 6-month low

Glassnode data shows that the sentiment in the BTC options market is gradually turning positive. As prices rebound, the BTC implied volatility index DVOL has decreased from 48 to 40, indicating that the panic premium accumulated in June is partially retreating. However, the current volatility is still higher than the May low, suggesting that while market uncertainty has eased, it has not completely dissipated.

Meanwhile, the BTC options open interest Put/Call ratio has dropped to about 0.59, reaching a six-month low, indicating that traders are significantly reducing downside hedging and re-establishing bullish exposure. Glassnode believes that this change reflects a constructive improvement in options market sentiment.

From the position structure, BTC is currently hovering around $63,000, still below the dense negative gamma range of $68,000 to $70,000. If the price further enters this range, it may trigger stronger pro-cyclical market maker hedging behavior and amplify market volatility.