Bitcoin options traders are pulling back on bearish bets. The put/call open interest ratio dropped to 0.52 from 0.76 this week, according to data from Glassnode. The move comes as the cryptocurrency stabilizes near $67,000, and a ratio below 0.6 is typically read as a bullish signal.
What the data shows
The put/call ratio compares the number of put options — bets that the price will fall — to call options, which profit from a rise. A lower number means relatively fewer puts are outstanding. The drop from 0.76 to 0.52 is a sharp swing in just a few days. Glassnode's data captures open interest across major derivatives exchanges, so the shift reflects a broad market move, not just one platform.
Why traders are shifting
The data indicates traders are unwinding bearish positions. That could mean they're closing out hedges or simply losing conviction that Bitcoin will drop further. The stabilization near $67,000 — a level that has held for several sessions — may be giving them less reason to hold puts. A put/call ratio of 0.52 is squarely in bullish territory, though it doesn't guarantee a rally.
What comes next
The ratio could keep falling if more bearish positions get closed, or it could bounce if new downside bets appear. Either way, the move is a clear signal that options market sentiment has turned more optimistic. Traders will be watching whether Bitcoin can hold $67,000 and whether the ratio stays below 0.6 in the days ahead.
