Just checked the Bitcoin market today, total open interest is about $147 million, quite stable. The call/put concentration is mainly around 72,400 and 69,600, with a PCR ratio of only 0.32 indicating a leaning towards bearish sentiment.

The interesting part is that the OI distribution is heavily skewed towards calls—76% compared to only 24% for puts. That means call positions amount to about $112 million while puts are around $35 million. The main pain point is at 71,000, where trading volume is quite high and both bulls and bears are active.

Implied volatility (IV) is at 35%, realized volatility (RV) at 33%, relatively balanced. The fear and greed index is at 42—neutral, neither too hot nor too cold. Overall, the Bitcoin market at this moment is in a waiting phase, with no clear signals strongly indicating a move in either direction.