ProCap CIO: The open interest of Bitcoin put options at the end of December is large, and the implied volatility has returned to the level before the ETF listing

The Chief Investment Officer of ProCap, a Bitcoin treasury company, and Bitwise advisor Jeff Park analyzed that since the collapse of FTX, Bitcoin's implied volatility has never exceeded 80%. The closest it got to 80% was last March when the spot Bitcoin ETF experienced sustained inflows, but now this metric has returned to pre-ETF listing levels.

According to data disclosed by Jeff Park, among the Bitcoin options expiring on December 26, the open interest (OI) for the $85,000 put options is significant, approximately $1 billion, which is higher than the $125,000 call options ($620 million), the $140,000 call options ($950 million), and the $200,000 call options ($720 million).