Bitcoin Option Traders Cut Downside Hedges as Put-Call Open Interest Ratio Falls to 0.52

Bitcoin option traders have sharply reduced downside hedges since late June, with the put-call open interest ratio falling from 0.76 to about 0.52. According to ChainCatcher, short-dated options show weaker demand for near-term protection than contracts with three- to six-month maturities, suggesting traders expect a relatively calm market this week while still hedging for volatility later this year. Implied volatility remains low across maturities, and the term structure slopes upward toward later expiries. If Wednesday's Federal Reserve rate decision or projections diverge from investor expectations, the market may have limited room to absorb the move.