Data: Bitcoin options sentiment is improving, but the demand for long-term downside protection remains high

Glassnode released a market outlook stating that the sentiment in the Bitcoin options market is improving, with the short-term downside skew significantly retreating. The 1-week 25 Delta Skew has dropped to about 7%, indicating that recent panic has eased. However, the longer-term skew remains around 10%--12%, and the demand for downside protection still exists.

Currently, the open interest for BTC call options is about $15 billion, higher than the approximately $10 billion for put options; recent funds are mainly concentrated in the $61,000 to $67,000 range, with a noticeable buying of $65,000 call options. Glassnode believes that the market is shifting towards more aggressive positions but has not yet abandoned risk hedging.