glassnode: Bitcoin Options Sentiment Improving, But Long-Term Downside Protection Demand Remains High

BlockBeats News, August 7th, glassnode released a market insight stating that the Bitcoin options market sentiment is improving, with the short-term downside skew significantly dropping. The 1-week 25 Delta Skew has fallen to around 7%, indicating a recent easing of panic. However, the skew for longer-term maturities still remains around 10%–12%, suggesting continued demand for downside protection.

Currently, the outstanding BTC call options amount to approximately $15 billion, higher than the put options at around $10 billion. Recent funds are mainly concentrated in the $61,000 to $67,000 range, with a notable increase in buying of call options at $65,000. glassnode believes that the market is shifting towards a more bullish stance but has not abandoned risk hedging.