Bitcoin put/call ratio drops to 0.52 as bearish bets unwind near $67K

Bitcoin's put/call open interest ratio dropped to 0.52 from 0.76, per Glassnode, as traders unwound bearish bets with BTC stabilizing near $67,000.

"Traders are closing downside protection as spot prices hold above the $66,000 to $67,000 resistance zone," Glassnode data showed, with the ratio declining 31.6 percent from the prior week.

BTC traded at $66,840 as of 14:00 UTC on July 24, up 3.8 percent from the prior week's close of $64,386. The $66,000 to $67,000 range represents the average cost basis of buyers from March through April 2026, according to Glassnode's realized price data. Open interest across Bitcoin futures stood at $28.4 billion, with funding rates near neutral at 0.003 percent per eight hours on Binance.

A sustained close above $67,000 would convert the March-April seller overhang into support, opening a path toward $72,000 to $75,000. The July 29 Federal Open Market Committee decision — where a dovish hold or cut signal is expected after June's 3.5 percent CPI print — represents the next major catalyst. On the regulatory side, the CLARITY Act Senate floor vote, expected before July 29, could add a second catalyst layer if passed.

Bitcoin spot ETFs attracted approximately $289 million in net inflows for the week ending July 18, with BlackRock's IBIT accounting for the dominant share, according to data from The Block. The two consecutive positive weeks follow a 10-day, $2.73 billion outflow streak that ended in early July, suggesting institutional re-accumulation is underway. The BTC/S&P E-mini ratio stands at approximately 8.63, below the 9.0 reference floor that historically signals BTC beginning to outperform equities.

The declining put/call ratio coincides with the largest single-month CPI decline since April 2020 — June's print came in at 3.5 percent year-on-year, 30 basis points below consensus. However, the US-Iran military escalation pushed WTI crude above $82 on July 20, reintroducing inflation uncertainty before the FOMC meeting. VIX closed at 18.76, elevated but not panicked, as markets weigh the disinflationary tailwind against geopolitical risk.

This article is for informational purposes only and does not constitute investment advice.