Woofun AI data shows that the Bitcoin put/call ratio declined significantly from approximately 0.76 at the end of June to 0.52, coinciding with BTC price stability around $67,000.

This shift indicates an unwinding of defensive positions in the options market.

At-the-money implied volatility remains compressed, recording 34.3% for one-week maturity and 40.8% for six-month maturity, which reflects an upward-sloping term structure. The short-term 25-delta skew dropped sharply to roughly 4%, demonstrating reduced near-term demand for downside protection, whereas medium-to-long-term skew persists at a defensive premium level of 11-12%.