Bitcoin Options Traders Cut Hedges Ahead of Fed Meeting, Put/Call Ratio Falls to 0.52

According to Glassnode, Bitcoin options traders have reduced defensive positions ahead of the Federal Reserve meeting scheduled for Wednesday, July 29. The put/call ratio on open interest fell to approximately 0.52 from 0.76 in late June, signaling a sharp decline in downside hedging. Large traders have simultaneously accumulated bullish $70,000 strike calls and bull call spreads, reflecting conviction in upside moves. One-week implied volatility currently sits at 34.3%, well below the six-month reading of 40.8%—an unusual pattern suggesting traders have largely priced out surprises from the Fed decision, which markets assign only a 15% probability of a rate hike.
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