Glassnode says BTC options sentiment turns positive as put/call ratio hits 6-month low

Glassnode said sentiment in the Bitcoin options market is turning positive. The report said Bitcoin’s rebound pushed the volatility index DVOL down to 40 from 48, suggesting some of the fear premium built up during the sharp market selloff in June has eased. It added that volatility remains above the lows seen in May, indicating market uncertainty has moderated but has not fully disappeared. The BTC options put/call ratio by open interest also fell to around 0.59, the lowest level in the past six months, which Glassnode said suggests traders have sharply reduced downside hedging through put options and are rebuilding positions for further upside. Glassnode said the shifts signal options-market sentiment is improving in a bullish direction.