VanEck: The average put/call ratio for Bitcoin is 0.77, the highest level since June 2021.

Matthew, Head of Digital Asset Research at VanEck, wrote that Bitcoin entered a consolidation phase after a sharp drop. The 30-day average price fell by 19%, but spot prices stabilized, with realized volatility decreasing from 80 to 50 and futures funding rates dropping from 4.1% to 2.7%. The options market saw peak defensiveness, with the average put/call ratio at 0.77, the highest level since June 2021, and put premiums relative to spot volume reaching an all-time high of 4 basis points. On-chain activity and miner selling remained subdued, with transaction volume down 31%, daily fees down 27%, and the distribution rate to long-term holders slowing. Miners sold almost all newly issued BTC.