BTC: Put/Call Ratios Fall as Options Turn Less Defensive

BTC options are turning less defensive as put/call ratios and short-dated skew fall while volatility stays compressed, according to glassnode data released July 24, 2026.

This shift in Bitcoin options volatility compression points to reduced hedging demand and improving crypto market positioning beneath the surface.

On the 4-hour chart BTC trades at $65022.58 inside the Bollinger Bands, testing the upper resistance at $66857.01 while the bearish MACD death cross at -13.01 and neutral RSI at 44.95 keep price action pinned near the EMA50 at $65057.75, indicating limited upside until a clean break above the band occurs.