Published: January 6, 2026
The Bitcoin put/call ratio for the January 30, 2026 expiry on Deribit stands at 0.48, indicating strong bullish positioning with 14,194 call options versus 6,806 puts. This low PCR reflects trader preference for upside exposure as Bitcoin trades around $92,271, highlighting sentiment shifts in early 2026 options markets.
PCR Calculation: 6,806 Puts vs 14,194 Calls
The put/call ratio measures sentiment:
- Calls OI: 14,194
- Puts OI: 6,806
- PCR: 0.48 (calls outnumber puts ~2:1)
- Total OI: 21,000 contracts
- Notional Value: ~$1.85 billion
A PCR below 0.5 typically signals bullish dominance.
Key Strike Concentrations
Heavy interest clusters:
- Upside Calls: Significant at $100,000+ strikes.
- Downside Puts: Lighter, focused lower.
- Max Pain: Around $88,000 level.
Call skew suggests optimism for rally continuation.
Historical Context of Bitcoin PCR Signals
Low PCR readings often precede:
- Upside moves when volume confirms.
- Volatility spikes near expiry.
- Caution: False signals possible in low-volume periods.
Past expiries with similar skew aligned with short-term gains.
Market Sentiment and Implications
The bullish PCR fits broader trends:
- Institutional call buying for 2026 upside.
- Reduced downside hedging post-2025 corrections.
- Potential gamma effects near expiry.
Watch for volume and spot price reaction pre-January 30.
Conclusion
The Bitcoin put/call ratio of 0.48 for January 30, 2026 expiry on Deribit points to clear call dominance and bullish trader bias. With heavy upside strikes and low PCR, the setup favors potential rallies—though expiry dynamics add volatility. Traders should monitor open interest changes and spot momentum for confirmation.
Disclaimer: This article is for informational purposes only and does not constitute trading or investment advice. Options markets are complex and volatile.
