BTC Options Sentiment Turns Positive as DVOL Falls to 40

Glassnode data shows Bitcoin options market sentiment is gradually turning more positive as prices recover. According to ChainCatcher, BTC implied volatility index DVOL has fallen from 48 to 40, suggesting some of the panic premium built up in June has eased, although volatility remains above May lows and market uncertainty has not fully faded. BTC options open interest Put/Call ratio has also dropped to about 0.59, a six-month low, indicating traders are reducing downside hedges and rebuilding bullish exposure. Glassnode said the shift reflects a constructive improvement in options market sentiment. Bitcoin is currently trading near $63,000, still below the dense negative gamma zone around $68,000 to $70,000. If price moves into that range, it could trigger stronger pro-cyclical market maker hedging and amplify volatility.