Comparison Options BTC Put Call Ratio
Bitcoin
The ratio of open put contracts to call contracts for BTC on Deribit.
Why it matters
A one-number read on positioning: protection-heavy or upside-heavy.
How it is built
Open interest in puts divided by open interest in calls.
What to watch
Extremes are contrarian more often than confirming — a market maximally hedged has already sold, and one maximally long calls has little fuel left.
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