Bitcoin Options Market Hits Three-Year Low Despite Lacking Fundamental Crisis

Recent data from Binance Research suggests that the cryptocurrency market is experiencing unusual defensive positioning in its options market.

The BTC options 25-delta skew index, which measures the relative cost of downside put protection versus upside calls, has hit its most negative reading since November 2022. This level of hedging appears disproportionate to the current market environment, which lacks any equivalent fundamental shock such as a major exchange collapse or regulatory crisis.

Corroborating this, Bitcoin's Realized Profit/Loss ratio has fallen below 1.0 for the first time since 2023, typically a hallmark of forced capitulation rather than orderly distribution.